S&P 500 and Nasdaq Futures Quickly Give Up Gains

The swift reversal in equity futures matters less for the headline index move than for what it says about conviction: gains that cannot hold tend to reflect positioning and liquidity rather than fresh information, especially when no specific driver is identified. That matters for crypto and RWA markets, which have increasingly traded as a higher-beta expression of the same risk appetite. The open question is whether this is a one-session wobble or the start of a broader de-risking, and whether digital assets decouple or amplify the move.