Equities selling off, Nikkei down 3%. US equities lower also

Global equities are under pressure, with the Nikkei falling 3% and U.S. stock futures also weaker as markets react to Middle East escalation and a soft lead from Thursday’s U.S. session. The note points to broad risk-off sentiment rather than a company-specific catalyst. In U.S. futures, the S&P 500 proxy (ES) is down 0.3% in Globex trading and the Nasdaq proxy (NQ) is off 0.6%, indicating selling across both cyclicals and growth. The article suggests geopolitical risk is the main driver of the move, with South Korea closed for holiday reducing regional trading activity. Overall, the tone is bearish for equities and supportive of defensive positioning until the escalation narrative stabilizes.