The S&P 500 ETF falls 4.0% in a broad risk-off session led by technology. Technology Select drops 7.2%, the weakest major sector, with AMD -15.3% and Nvidia -8.5% after its biggest one-day drop since April 2025, while Motorola Solutions jumps 4.4% on reported gains. Consumer Discretionary Select falls 4.3%, dragged by Expedia -13.5% and Tesla -11.6% as shares extended declines intraday, while Tapestry gains 6.6%. Industrials Select slides 3.9%, Materials Select 3.2% with CF Industries up 8.2% against FMC down 7.1%, and Financials Select falls 2.7%, led lower by Robinhood -12.0% and Goldman Sachs and Morgan Stanley both -6.5%. Consumer Staples Select and Utilities Select hold up best, down 0.6% and 0.8%.

High Beta factors drop 7.8% and Momentum 7.0%, far outpacing Value's 2.4% decline, underscoring a sharp rotation out of risk.

Within mega-cap growth, Qualcomm falls 10.0% after shares opened down 14% for their worst day since 2020, alongside Lam Research -13.7% and Broadcom -8.6%.

Semiconductor ETFs are hit hardest among other sector funds, with the iShares Semiconductor ETF down 10.4% and the VanEck Semiconductor ETF down 9.6%, while cybersecurity funds also decline sharply.

Among individual names, Nebius Group tumbles 16.7% after Microsoft said it is increasing oversight of the company, while chip-linked names dominate the loser list alongside broad gains confined to a handful of outliers.

• Applovin Corporation +29.6%
• Corpay +7.8%
• Verisk Analytics +3.8%
• Cardinal Health +3.4%
• PDD Holdings +2.0%
• Redwire Space -19.7%
• Sandisk -19.4%
• Nebius Group -16.7%, on reports of increased Microsoft oversight
• Astera Labs -16.3%
• Lumentum Holdings -15.7%

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