June Russell futures led the equity complex during Wednesday's session, briefly testing resistance near the 50-day moving average. The index hit a high of 2,557 before falling just short of the 2,559.80 technical level, ultimately finishing the day in positive territory. This outperformance aligns with a recent Bank of America strategy note highlighting a shift in institutional capital. While large caps experienced a second week of outflows, small and micro-cap equities saw their first inflows since mid-January. Looking ahead, market participants are monitoring geopolitical developments, as an upcoming White House address regarding Iran and the Strait of Hormuz has the potential to impact overnight and early morning equity index futures trading.