S&P 500 Opens Up 0.33% at 7,377.65 as Nasdaq Gains 1.18%

The divergence is the story: a tech-led Nasdaq rally against a sharply lower Dow signals rotation rather than broad risk appetite, with the S&P's modest gain masking that split. For crypto and RWA markets, the relevant signal is where growth exposure is being favored over cyclicals, since digital assets have tended to track tech sentiment more closely than industrials. Whether this narrow leadership broadens or the Dow's weakness drags the broader tape is the open question worth watching.