US stocks close lower; rate-cut winners index falls 1.8%

The dispersion matters more than the headline drop: financials gaining while tech and rate-sensitive names sold off suggests positioning is rotating rather than de-risking broadly. Nvidia's outsized decline against a modest semiconductor index move points to single-name concentration risk within the AI trade, which carries through to crypto and RWA narratives that lean on the same risk appetite. Whether this rotation persists or reverses on the next macro signal is the open question, and the gap between index-level and component-level moves is worth tracking.