The S&P and Nasdaq both took a distinct "risk-off" punch today, though the damage was far from democratic. While the S&P slid (-69bp) and the Nasdaq slumped (-103bp), the Equal-Weight S&P remained stubbornly flat, revealing that the day's pain was almost entirely a function of mega-cap de-risking. Geopolitical anxiety acted as the primary overhang, with investors eyeing President Trump’s Friday deadline regarding Iran and the potential closure of the Strait of Hormuz. Compounding the tech-heavy…
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