Semis just got taken out back and beaten — this is a sector rout, not a rotation.

Semis just got taken out back and beaten — this is a sector rout, not a rotation.

Intel down 8.45% to 117.05. Worst of the session. No ambiguity there. AMD down 7.3% to 507.29 — dragged by the same current. Broadcom off 4.37% to 376.71. Nvidia, usually the floor for this group, dropped 2.37% to 207.41. Oracle slipped 2.24% to 188.33. Five chips and cloud names in the red. That's a sector call, not noise.

Financials broke the other way. JPMorgan up 3.68% to 331.14 — standout of the day, full stop. Bank of America up 1.74% to 56.84. Banks bid while tech bled. Money moved, not disappeared.

Netflix down 3.61% to 78.72. No earnings catalyst. Macro drag.

Meta up 1.13% to 600.21. Salesforce off 1.73% to 161.71. Tesla down 1.58% to 404.66. Microsoft dropped 1.48% to 393.83. Large-cap tech broadly red, but Meta held a bid — only name in that tier that did.

Futures tell the same story. QQQ off 1.9%. SPY down 0.6%. The spread between those two numbers is the whole trade today — tech underperforming broad market by a mile. DIA holding positive at plus 0.58%. Dow diverging from Nasdaq. That's the financials doing work. VIX at 16.41 — elevated but not panicking. Gold up 0.58%, quiet safe haven bid. IWM off 0.87%.

Asian markets unavailable overnight. No pre-market read from the east.

Nothing on the economic calendar today. Clean tape for price to lead.

Earnings this morning: Jabil reported before the open. EPS estimate was 3.109. Watch how the street reacts to the actual print — JBL is a manufacturing bellwether. CMCM, EFR, EMCG, FRD, IZM also on the board. Smaller names, lower volume, less market-moving weight.

Semis getting hit this hard without a single catalyst on the calendar is worth watching. Either something is repricing in the background or this is exhaustion from an extended run. Either way, financials caught the flow.

Numbers don't lie. People do. Trade accordingly.