Nasdaq 100 rises 0.9% to intraday high; VIX falls 3.0% to 16.79

The divergence between the Nasdaq 100's 0.9% gain and the S&P 500's far smaller 0.3% move points to tech-led leadership rather than broad risk appetite, so the index-level strength may be narrower than the headline suggests. The VIX sliding to 16.79 reinforces that read: volatility is being priced down even as participation stays concentrated. Whether the rally broadens beyond the tech-heavy index, or the VIX's decline simply reflects complacency, is the open question worth tracking.