S&P 500 opens up 22.70 points at 7,699.47; Nasdaq gains 0.45%

The split between a higher S&P 500 and Nasdaq and a lower Dow points to leadership concentrated in growth and technology names rather than broad-based buying. That divergence matters for crypto and RWA sentiment because those assets have tended to track risk appetite in tech-heavy indices more closely than the blue-chip average. Whether the Nasdaq's outperformance persists through the session, or the Dow's softness spreads, is the open question worth watching.