Nasdaq 100 ETF Jumps 3.44% as US Equity ETFs Outperform; Brent Oil Fund Falls 5.29%

The breadth of the equity rally—small caps nearly matching the Nasdaq 100 while emerging-market and major US index ETFs all gained more than 2%—points to a broad risk-on session rather than a narrow tech-led move. The sharper moves sit in the hedges: a double-digit drop in the VIX long fund and a steep Brent oil fund decline suggest volatility bets and energy exposure unwound as equities strengthened, with the softer dollar-index fund consistent with that backdrop. Whether this broad participation persists, or was a single-session rotation, is the open question worth watching.