S&P 500 opens down 1.16% as Nasdaq falls 2.26%; Dow edges higher

The split between the Nasdaq's steep decline and the Dow's modest gain points to rotation rather than a broad risk-off move, with the damage concentrated in the growth-heavy names that dominate the Nasdaq. That divergence is the signal worth tracking: whether the weakness stays confined to tech or starts bleeding into the broader index is the open question. The Dow's marginal advance is thin enough that it reads more as a holding pattern than conviction.