US Stock Futures Close Lower Thursday; Nasdaq 100 Futures Down 1.05%

The tech-heavy Nasdaq and small-cap Russell 2000 leading the decline, while the Dow held up comparatively better, points to a risk-off session rather than a uniform selloff — cyclicals and mega-caps were treated differently. That divergence matters because small caps are typically more sensitive to domestic growth and financing conditions, so their underperformance signals concern beyond just tech valuations. Whether this is a one-session rotation or the start of a broader de-risking is the open question, and the next session's breadth will be more telling than the index levels themselves.