According to The Kobeissi Letter, US stock market futures extended their decline with Nasdaq 100 futures down 1.5% intraday. According to The Kobeissi Letter, this move corresponds to step #5 of their tariff playbook, indicating ongoing tariff-driven market pressure. According to The Kobeissi Letter, traders are watching for potential cross-asset spillover and may monitor BTC and ETH for liquidity and volatility during the US session as risk appetite weakens.