Risk Assets Are Finally Struggling After Huge April

Wall Street turned cautious as risk assets cooled late in April. The S&P 500 slipped about 0.6% while the Nasdaq lost roughly 0.9%, led lower by semiconductor and other tech names; chip-focused ETFs fell sharply (iShares Semiconductor ETF down ~4.1%). Momentum and growth-focused ETFs underperformed while value, low-volatility names and cyclicals such as energy and staples held up. Rising oil prices (around $108.46) supported energy stocks even as broader market leadership rotated away from recent winners. The move reflects profit-taking and a short-term pullback in momentum-driven rallies rather than a broad market collapse.