The U.S. equity market experienced subdued volatility and mixed sector performance ahead of a long weekend and a key jobs report. The CBOE Volatility Index (VIX) remained flat, with expectations for it to decline further following the jobs data, potentially supporting a modest rise in the S&P 500 Index (SPX). The SPX saw its call option wall increase to 6,300, with an upper bound expected move around 6,245 for the week. Market activity was characterized by a notable unwind in momentum stocks, with momentum experiencing its worst day since the DeepSeek event, declining by approximately 6.4%. This momentum sell-off primarily affected technology and giga-cap stocks, while the Dow Jones Industrial Average posted gains. Analysts noted that many sectors outside momentum and large tech stocks advanced, though caution was advised against interpreting this as a broadening rally, referencing a similar pattern in July that subsequently failed. Overall, market participants anticipate a calm trading environment this week, influenced by near-term option positioning and the upcoming jobs report.