S&P 500 opens down 36.85 points, down 0.49%, at 7,513.09

The gap is broad but uneven, with the Nasdaq's larger percentage decline pointing to tech and long-duration growth names carrying the heaviest weight at the open rather than a single sector shock. That pattern matters for crypto and RWA markets because risk appetite tends to move in step across high-beta assets, so the question is whether this is a contained opening adjustment or the start of a deeper de-risking session. Whether the Nasdaq underperformance persists through the close, and whether it spreads into digital-asset sentiment, is the open question worth watching.