US stock index futures, particularly in the tech-heavy Nasdaq 100, are facing a significant downturn due to concerns over US export restrictions to China and Donald Trump's comments on Taiwan. This pressure on tech stocks follows reports of potential tighter restrictions on companies exporting critical chipmaking technology to China, impacting companies like ASML and TSMC. The market is reacting to worries about risks to tech names overshadowing expectations of interest rate cuts, with notable tech giants like Apple, Microsoft, and Alphabet experiencing premarket declines. Despite this, small-cap stocks, including the Russell 2000, are showing resilience and gaining, possibly fueled by shifting investor focus and anticipation of Fed monetary policy easing. The overall market sentiment reflects a mix of profit-taking, geopolitical concerns, and expectations around Fed policies and the upcoming presidential election.