US asset-class ETFs mostly fall; real estate ETF down 1.14%, Nasdaq 100 ETF up 1.21%

The split between a rising Nasdaq 100 and falling long Treasuries and real estate points to a session where growth exposure absorbed demand while rate-sensitive assets lagged. That divergence is the story: real estate and long-duration bonds are the most sensitive to rate expectations, so their weakness alongside a firm dollar fund suggests positioning is leaning away from duration rather than a broad risk-off move. Whether that rotation persists, or the dollar and rate-sensitive ETFs reverse, is the open question worth watching.