Tech-Led Selling Sends $QQQ Sharply Lower; Defensive Rotation Boosts Utilities as Markets Reprice Fed Risk

$QQQ $SPY $IWM — The S&P 500 (SPY) dropped 1.11% while the Nasdaq-100 (QQQ) plunged 2.50%, with small caps (IWM) down 1.69% as investors moved into defensive sectors. The selling was concentrated in growth/AI-linked names, while utilities and select materials showed resilience amid rising rate and policy concerns.