US stock futures mixed at NY close; Nasdaq 100 down 0.26%

The divergence between the Nasdaq 100's relatively mild decline and the sharper drops in the Dow and Russell 2000 suggests a rotation away from small caps and value-leaning sectors rather than a broad tech-led selloff. This pattern points to risk-off positioning concentrated in interest-rate-sensitive or cyclical areas, which could signal shifting expectations around economic resilience. For crypto and RWA markets, the question is whether this equity weakness spills over into liquidity conditions or remains contained to traditional risk assets. Watching whether the Russell 2000 continues to underperform into the next session would clarify if this is a one-off adjustment or the start of a broader de-risking move.