S&P 500 opens down 0.34% at 7,637.18; Nasdaq falls 0.44%

The tech-heavy Nasdaq underperforming the broader S&P 500 and the Dow on the open points to a growth-led pullback rather than a uniform risk-off move, with the narrower declines in the Dow suggesting the weakness is concentrated in higher-beta names. For crypto and RWA markets, the read-across is mostly about risk appetite at the margin, since equities often set the tone for digital-asset sentiment during the session. Whether the Nasdaq's relative underperformance persists through the day, or the indices converge, is the open question worth tracking.