Nasdaq Turns Lower, S&P 500 Narrows Gain to 0.3%

The divergence matters more than the headline number: a fading S&P gain alongside a negative Nasdaq suggests the day's strength was concentrated rather than broad, a pattern that tends to reflect rotation out of growth names rather than a uniform risk-on move. For crypto and RWA markets, which have traded with sensitivity to Nasdaq direction, the split complicates the usual read-through. Whether this rotation persists into the next session, or proves to be a single-day wobble, is the open question.