S&P 500 falls 0.6% to session low as telecom sinks 6.8%

The split is the story: a 6.8% telecom slide dragging the index lower while defensives and rate-sensitive sectors like utilities and real estate rally more than 1% points to sector rotation rather than broad risk-off selling. That divergence matters because it suggests capital is repositioning within equities, not exiting them, which changes how the drawdown reads for anyone tracking index-level weakness. Whether telecom's drop stays isolated to that sector or bleeds into the broader market is the open question worth watching.