US Stocks Fall: Nasdaq Down 1.02%, Dow Off 0.12%, S&P 500 Loses 0.51%

The split between the tech-heavy Nasdaq and the Dow is the tell: this looks like a rotation out of growth names rather than broad risk-off selling. Since crypto and other risk assets have traded in step with Nasdaq for much of the past year, that distinction matters more than the headline declines themselves. Whether the underperformance stays concentrated in tech or spreads across the other indices is the open question.