Semis are getting torched and the Qs are showing it — this is a chips-led flush heading into Wednesday's open.

Semis are getting torched and the Qs are showing it — this is a chips-led flush heading into Wednesday's open.

Asian markets — no data available overnight. Watch futures for your directional cue.

SPY off 0.6%. QQQ down 1.9%. That gap tells you exactly where the pain is sitting. IWM down 0.87%. DIA the lone holdout, up 0.58% — Dow components absorbing the rotation out of tech. VIX at 16.4, not panicking, but elevated. Gold up 0.32%, quiet hedge.

No economic calendar today. All eyes on price action.

Now the stocks.

Intel down 8.45% to 117.05. Leadership. That is the headline mover dragging the whole sector.

AMD down 7.3% to 507.29. Contagion. Chips don't fall alone.

Broadcom down 4.37% to 376.71. Spillover. No stock-specific catalyst needed when the sector is in freefall.

Netflix down 3.61% to 78.72. Discretionary. Not a chip, still getting hit — risk-off spreading beyond the sector.

Nvidia down 2.37% to 207.41. Relatively contained — but still red.

Oracle down 2.24% to 188.33. Cloud names catching the same draft.

Salesforce down 1.73% to 161.71. Enterprise software bleeding alongside the broader tech selloff.

Tesla down 1.58% to 404.66. Growth names in general getting repriced today.

Microsoft down 1.48% to 393.83. Even the defensive end of big tech isn't immune.

Meta up 1.13% to 600.21. One of the few names in green — holding its own while the rest of tech leaks.

JPMorgan up 3.68% to 331.14. Rotation. Money is moving somewhere, and financials are the answer today.

Bank of America up 1.74% to 56.84. Same trade, smaller magnitude.

Semis are the story. Intel's move alone would've been the brief — everything else is downstream of it. Financials are the counterweight, and the DIA's green print confirms the rotation is real and in motion. Meta holding while Microsoft bleeds is worth watching — that divergence inside big tech doesn't happen on a nothing day.

Earnings this morning: Accenture before the bell, EPS estimate 3.7537. That's the only name with a consensus number attached. AIMAU, CRCW, CYAN, DPG, and DTF also reporting — no estimates available on those.

QQQ down nearly 2% pre-market with semis in freefall and financials catching bids. Two markets trading simultaneously. Know which one you're in.

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