S&P 500 Opens Down 0.55% at 7,594.74; Nasdaq Falls 0.88%

The divergence matters more than the headline drop: the Nasdaq's decline is roughly five times the Dow's on a percentage basis, a growth-heavy skew rather than broad risk-off selling. That points to pressure concentrated in rate-sensitive or long-duration equities rather than a uniform de-risking. Whether that gap widens or compresses through the session is the open question, and it is the tell for whether this is positioning in tech or a wider equity move.