James K. Glassman stepped down yesterday from his positions as president of The Atlantic and executive vice president of U.S. News & World Report and will begin a new job as financial editor of The Washingtonian magazine. Beginning with the May issue, Glassman will write a monthly financial column and several larger articles throughout the year.

Glassman said he will continue to do consulting work at the two publications and may even write for The Atlantic. "The reason I resigned was to write a book and work on other projects, including consulting," Glassman said. He is "not at liberty to hint" about the subject of the book, he said, "but it's not about U.S. News." All-Stars Against Drug Abuse

Nancy Reagan met yesterday in the Grand Foyer of the White House with the newly formed basketball team the Shooting Stars, consisting of sports and entertainment personalities Meadowlark Lemon, Curly Neal, "Pistol Pete" Maravich, Larry (Gator) Rivers and Jerry (Lovebug) Venable.

The Shooting Stars presented the first lady with a basketball and a jersey, and announced the kickoff of their 1986 Commitment With a Purpose Tour, which will present an anti-drug-abuse message to audiences and students. They gave Mrs. Reagan a demonstration of their basketball techniques and then passed the ball to her. She wasn't quite ready to join the team, but according to her press secretary, the first lady said she would keep practicing. Arena Director Going to the Guthrie

Garland Wright, an artistic associate with Arena Stage, has been named artistic director of the Guthrie Theater in Minneapolis. Wright, 39, who was associate director at the Guthrie from 1980 to 1983, will return to his old stomping ground June 1, replacing Liviu Ciulei.

According to a spokesman for Arena Stage, Wright will direct "Old Times" this spring, as planned, and will direct one or two plays there next season as well. The theater is not actively seeking a replacement for him. End Notes

A Los Angeles Superior Court judge yesterday refused to dismiss a charge of second-degree murder against Cathy Evelyn Smith in the 1982 drug overdose death of John Belushi, rejecting the defense argument that she should not be blamed for the comedian's "suicide mission." The judge scheduled the trial for May 28. Smith, a Canadian who was extradited by a Los Angeles grand jury in March 1983, also faces 13 counts of furnishing and administering cocaine and heroin to Belushi during the days preceding his death . . .

Band leader Xavier Cugat is resting comfortably in Barcelona after undergoing successful emergency treatment of a respiratory ailment earlier this week, his doctors said. Cugat, 86, suffers from heart disease and high blood pressure . . .

George Michael of Wham! said in a London Weekend Television interview released yesterday that the singing duo is disbanding. Michael and Andrew Ridgeley will record their last single next week in Los Angeles and give a farewell concert in London this summer . . .

The women-only Heartbeat Fitness Center in Greenbelt broke its rules yesterday and let two men use the facilities: Visiting Chippendale models Nick Coddington and Mark Pillo worked out in their black pants, white cuffs and bow ties, inciting about 100 women to stop by.