Q3 Wrap: S&P 500 Up 2.5%, Dow Down 2.5%, Nasdaq Up 2.5%

The quarter's headline index moves mask a far sharper split beneath the surface: chip and memory gauges fell hard while the Magnificent Seven rose double digits, meaning index-level performance was carried by a narrow group rather than broad participation. That divergence matters for anyone reading benchmark returns as a proxy for market health, since sector dispersion of this size tends to reflect concentrated positioning. Whether that concentration persists into the next reporting period, or whether the lagging sectors close the gap, is the open question worth tracking.