S&P 500 opens down 11.72 points, Nasdaq falls 0.37%

The divergence matters more than the headline: the Nasdaq's decline is roughly two and a half times the S&P's on a percentage basis, while the Dow is essentially flat. That points to pressure concentrated in growth and tech-heavy names rather than a broad risk-off move, leaving the Dow's near-flat open as the tell for whether this stays a sector story or widens out. Whether the tech-heavy index keeps underperforming the other two through the session is the open question.