Wednesday's session stalled on a near-flat S&P close as the VIX collapsed without fresh buying, sector leadership flipped to defensives, and crypto sold overnight.

Wall Street returned from Memorial Day with a sharply split tape — NASDAQ +1.19%, S&P +0.61% but Dow -0.23% and VIX up 2.53% — while Argentine ADRs exploded 5-9% on pent-up demand.

Wednesday's session stalled on a near-flat S&P close as the VIX collapsed without fresh buying, sector leadership flipped to defensives, and crypto sold overnight.