US stock futures close higher, Nasdaq 100 futures up 1.25%

The dispersion in the futures tape is the story: Nasdaq 100 futures outpacing Dow futures by more than a full percentage point signals that risk appetite is concentrating in growth and technology rather than broadening across the market. Small-cap futures also outperforming the blue-chip Dow suggests the bid is not purely a mega-cap phenomenon, though the modest Dow move points to continued rotation away from cyclicals. Whether this tech-led leadership persists into the next session, and whether small caps keep pace, is the open question worth watching.