Nasdaq 100 futures fall 1.1%, S&P 500 futures down 0.4%

The gap between the two indexes is the signal: tech-heavy futures falling more than twice as much as the broad market points to a rotation out of growth exposure rather than a uniform de-risking. That distinction matters for crypto and RWA markets, which have tended to trade alongside high-duration tech assets in risk-off sessions. The open question is whether this pre-market tone holds through the cash session or fades, since futures moves of this size have often been unreliable guides to the close.