Nasdaq Falls 2% as Chip Stocks Slide 4.3%, Biotech Gains 1.69%

The divergence between a 4.32% semiconductor selloff and a 1.69% biotech gain points to rotation rather than broad risk-off, since the Dow's shallower 0.45% decline shows the damage concentrated in high-multiple tech. The 2.3% banking decline alongside chips suggests de-risking across cyclical and rate-sensitive exposure, not a defensive bid. Whether biotech's relative strength persists as an independent theme or fades with the wider tape is the open question.