Futures are down primarily because of renewed trade tensions between the US and China. China has escalated its trade conflict with the US by imposing sanctions on five US-affiliated units of South Korean shipbuilder Hanwha Ocean and adjusting port fees, signaling a harsher stance in the ongoing trade spat. This escalation has rattled investor nerves and dampened hopes of avoiding a full-blown trade war, leading to a decline in futures for the Dow Jones Industrial Average, S&P 500, and especially tech-heavy Nasdaq futures. Investors are also cautious ahead of the third-quarter earnings season for major Wall Street banks, adding to the market anxiety. This trade conflict development has revived fears around prolonged geopolitical and economic uncertainty, causing a selloff in futures and risk assets like Bitcoin.