US stock index futures fall late Friday; Nasdaq 100 futures down 3.46%

The gap between Nasdaq 100 futures and the Dow points to a tech-led selloff rather than a broad risk-off move, with small caps falling less than the S&P benchmark. That dispersion matters because it suggests pressure concentrated in growth and long-duration equities rather than a uniform de-risking across the market. Whether this stays a tech-specific repricing or widens into the broader index complex is the open question heading into the next session.