S&P 500 falls 0.5% as Nasdaq losses widen to nearly 1%

The underperformance of the semiconductor index relative to the broader benchmarks is the notable detail here — it suggests the pullback is concentrated in the more rate- and cycle-sensitive corner of the market rather than a uniform de-risking. That distinction matters for crypto and RWA desks, where risk appetite has tracked tech and semis closely. Whether that sector-level weakness keeps leading the tape, or the broad indices catch down to it, is the open question.