The US equity markets experienced mixed performance in February, with the Dow Jones Industrials (+0.3%) edging modestly higher, the S&P 500 (0.8%) declined for the second time in the past three months, and the Nasdaq 100 posted its worst monthly decline since March 2025. The S&PP 500Equal WeightIndex had its best monthly performance since May 2025 and outperformed the cap-weighted S&PS 500 for the fourth consecutive month. Despite this, market action was characterized by rotation rather than liquidation, with investors shifting towards a broader mix of cyclicals and defensives. The growth-versus-value divide sharpened significantly in February. The iShares Expanded Tech-Software Sector ETF (ticker: IGV) declined 14.6% and 9.9% in January and February, respectively. The Russell 1000 Value rose by 2.6%, while Russell 1000 Growth plunged 3.4% due to AI-related selloffs in tech-heavy holdings. The overall market breadth improved with seven of 11 large cap sectors within 0.5% of their respective 52-week highs.