S&P 500 Ends 0.4% Lower as Consumer Discretionary Falls 2%, Energy Gains 2%

The dispersion matters more than the headline: energy's 2% gain against a 2% consumer discretionary drop points to rotation rather than broad risk-off, and the Nasdaq 100's steeper decline shows the weakness is concentrated in growth names. The split within tech is the notable signal — Qualcomm and CrowdStrike higher while Axon and Strategy sold off, and chips nearly flat even as the memory-chip index fell. Whether that intra-sector divergence persists, or resolves into a single direction, is the open question.