Nasdaq 100 ETF Falls 2.5% as Most US Asset-Class ETFs Close Lower

The pattern is a risk-off rotation rather than a uniform selloff: long-duration Treasuries and Brent crude both closed higher while equities across the cap spectrum and convertibles fell. Convertible bonds, which blend credit and equity exposure, dropping nearly as hard as the Nasdaq 100 suggests the pressure was not confined to growth equities. Whether that bid in Treasuries and oil persists, or reverses alongside equities, is the open question.