S&P 500 Falls 1.0% to 7,473.92; Nasdaq Composite Drops Below 24,900

The Nasdaq leading the pullback matters more than the headline index level: it points to pressure concentrated in the growth and technology names that have driven the bulk of recent equity gains, rather than a broad, uniform de-risking. For crypto and RWA markets, the relevant channel is risk appetite, since tech-heavy selloffs tend to track closely with digital-asset sentiment. The open question is whether this proves a single-session wobble or the start of a deeper rotation out of high-beta exposure; follow-through in the Nasdaq relative to the S&P 500 is the signal worth watching.