Dow Falls More Than 500 Points as Blue-Chip Index Extends Loss to 1%

The dispersion matters more than the headline: the blue-chip average is carrying the losses while semiconductors are still holding a gain, which points to rotation rather than a broad risk-off move. The deeper biotech decline suggests the pressure is concentrated in rate-sensitive, long-duration equities rather than in growth hardware. Whether chips can keep diverging from the broader tape, or eventually get dragged down with it, is the open question.