S&P 500 slips 0.3% as materials, industrials drag; Strategy falls 6.2% after MSCI deletion

Strategy's 6.2% drop on MSCI deletion is the clearest signal here: index membership has become a real liquidity and demand driver for crypto-adjacent equities, so exclusion carries a mechanical cost beyond sentiment. The broader session looks like a rotation rather than a risk-off move, with energy's 1.4% gain offsetting materials and industrials weakness. The open question is whether passive-flow events like this start to matter more for crypto-linked names than underlying token prices.