S&P 500 slips 0.3% as telecom sinks 6.6% and tech falls 1%

The dispersion here matters more than the headline index move: a 0.3% S&P decline masks a violent rotation, with telecom and tech selling off hard while health care and real estate rallied over 2%. The Nasdaq 100's 1.4% drop and double-digit single-stock losses in Alnylam, Fortinet, Marvell and Alphabet point to company- and sector-specific pressure rather than broad risk-off, since defensive sectors absorbed flows. Whether this sector rotation deepens or reverses is the open question worth tracking.