U.S. stocks closed lower for a second straight session ahead of the CPI release, even as parts of the technology sector tied to AI computing power and optical communications outperformed. The divergence inside tech deepened after hours when CoreWeave reported 112% year-on-year revenue growth and Lumentum posted revenue that doubled, sending both shares sharply higher. At the same time, an impasse around the Strait of Hormuz helped lift oil prices, while Federal Reserve officials maintained a hawkish stance, adding to pressure on richly valued assets. The CPI report is seen as the key near-term catalyst that could determine whether capital rotates back into technology stocks or whether investors keep trimming exposure to high-valuation names.