S&P 500 briefly jumps over 2%, biggest intraday gain in three months

The leadership here is telling: semiconductors and banks, the two ends of the risk spectrum, moving together suggests a broad repricing of exposure rather than a single-sector story. That breadth is what separates this from a routine bounce, though the word 'briefly' in the move itself is the caveat. For crypto and RWA markets, the relevant question is whether a tech-led risk-on impulse of this size transmits into digital assets with any persistence, or stays confined to equities. Whether the semiconductor bid holds into the close is the near-term tell.