After weeks of calm, U.S. equities became notably choppier with the Cboe Volatility Index (VIX) climbing to its highest since April. Concerns about regional-bank health and non-bank credit losses combined with renewed U.S.–China trade tension are feeding caution. Investors pivoted toward defensive sectors such as utilities and healthcare, while tech-growth stocks lagged. Some analysts view the move as a healthy consolidation rather than a sharp reversal, but warn that narrow market breadth and elevated valuations mean risk is rising.