S&P 500 opens down 0.41% at 7,687.31; Nasdaq falls 1.17%

The divergence is the story: a down S&P and a sharply weaker Nasdaq against a higher Dow points to rotation rather than broad risk-off, with tech-heavy names absorbing the selling while the index's more traditional constituents hold up. That split matters for anyone reading the open as a single sentiment signal, since the headline index level understates the pressure in growth and technology exposure. Whether the Nasdaq's underperformance persists through the session, or the Dow's strength proves the outlier, is the open question.