SPY falls 1.7%, led lower by Technology (-4.1%) and Consumer Discretionary (-2.6%), with Industrials (-1.5%) and Materials (-0.4%) also lower. Energy (+1.4%), Consumer Staples (+1.3%) and Health Care (+1.1%) hold up best, with Financials roughly flat. Within Technology, EPAM Systems (+15.2%) and Motorola Solutions (+8.4%) buck the trend while AMD (-11.4%) is the sector's worst performer. In Discretionary, Tapestry (+9.7%) stands out against Expedia (-10.6%). Parker Hannifin (+5.1%) leads Industrials while Vertiv (-8.6%) lags, and CF Industries (+6.8%) tops Materials against Freeport-McMoRan (-5.8%).

Factors show a reversal of the usual risk pattern: High Beta (-5.0%) and Momentum (-3.6% to -4.1%) lead declines while Value is roughly flat to positive.

Mega-cap growth is mixed but skewed negative, with AMD, Qualcomm (-10.2%), Tesla (-8.7%) and Lam Research (-8.4%) among the hardest hit, while Accenture, Costco and Chubb each add 2.2%.

Semiconductor-focused ETFs are sharply lower, with SOXX down 7.5%, XSD down 6.2% and SMH down 5.6%, alongside IGV (-3.1%) in software.

Among individually tracked movers, Applovin leads gainers by a wide margin while chip and AI-adjacent names dominate the losers list.

• Applovin +30.4%
• Corpay +12.3%
• Texas Pacific Land +7.8%
• Cardinal Health +7.1%
• Vivmark Residential +3.3%
• Rambus -11.6%
• AST SpaceMobile -12.5%
• Mercado Libre -12.7%
• Astera Labs -13.0%
• Redwire Space -14.3%

AI-themed funds are broadly weak, with BAI down 8.7%, WTAI down 8.0% and ARKK down 7.4%. Asian chip-exposed regional ETFs are also under pressure, with South Korea and Taiwan ETFs each down roughly 6.7-6.8%.

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