US stock futures surge: S&P 500 +2.44%, Nasdaq 100 +3.61%

The tech-heavy Nasdaq's outperformance against the Dow points to a growth-led bid rather than a broad risk-on rotation, with small caps also participating strongly enough to suggest the move isn't confined to mega-cap names. That breadth is the notable part: futures moves of this size across all four major indices signal a macro-driven repricing rather than sector-specific news. What's worth watching is whether the cash market confirms this when it opens, since futures gaps of this magnitude can narrow before the bell.