US stocks slide: Dow down 650 pts, S&P 500 hits daily low

The broad-based slide, with the Dow underperforming the Nasdaq, suggests rotation away from rate-sensitive or cyclical names rather than a tech-led rout. Semiconductors holding gains while indices sink points to selective buying in AI-related hardware, a divergence worth monitoring for market breadth. The question is whether this is a short-term positioning flush or the start of a broader risk-off shift, particularly as the S&P 500 breaks to daily lows. Watch whether defensive sectors or Treasury moves confirm a change in risk appetite.