Russell 2000 falls 2.5%, on track for biggest one-day drop since June 5

Small-cap weakness carries more signal than a headline index move, since Russell 2000 constituents are typically more domestically exposed and more sensitive to financing conditions than large caps. The reported rotation out of smaller companies, with drivers still unspecified, leaves the cause unresolved — whether this reflects broad risk reduction or something specific to small caps is the open question. With no closing level or catalyst detailed, the durability of the move is worth watching rather than the single-session figure itself.