S&P 500 edges lower as biotech slides 2.4%, Nasdaq 100 drops 0.3%

The headline index moves are almost noise, but the internals are not: biotech's 2.4% slide and a memory-chip gauge off more than 3% point to selling concentrated in specific corners rather than broad risk-off, with energy and telecom absorbing the bid. Applied Materials' 6.9% drop and weakness across Vertex and Cadence suggest the pressure sits in semiconductor equipment and biotech rather than megacap tech, which held roughly flat. Whether that sector-level divergence persists, or broadens into the major averages, is the open question.