US stock futures rebound; Nasdaq futures down 0.48%, S&P 500 futures down 0.4%

The rebound in futures is the story here, not the residual red on the screen: losses narrowing suggests the earlier weakness was met with dip-buying rather than broader risk-off liquidation. Crypto and RWA markets tend to take their cue from Nasdaq futures as the higher-beta end of the same risk curve, so the question worth watching is whether this futures recovery holds into the cash open or fades as it did earlier. With moves this modest, the signal is direction of travel rather than magnitude.