Tech got torched today and Netflix led the bleeding.
Tech got torched today and Netflix led the bleeding. Netflix down 5.82%, closing at 72.88. Hardest hit name on the session. Google down 4.99% to 349.68 — broad tech pain, not a Google-specific story. Oracle off 5% at 175.07. Amazon down 4.75% to 232.79. Broadcom dropped 4.67%, settling at 392.13.…
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Tech got torched today and Netflix led the bleeding.
Netflix down 5.82%, closing at 72.88. Hardest hit name on the session. Google down 4.99% to 349.68 — broad tech pain, not a Google-specific story. Oracle off 5% at 175.07. Amazon down 4.75% to 232.79. Broadcom dropped 4.67%, settling at 392.13. Microsoft gave up 3.18%, closing at 367.34.
Two names bucked the trend. Intel up 5.19% to 140.94 — lone bright spot in a sector that otherwise got dismantled. AMD up 2.65% to 551.63, holding ground while its peers collapsed.
Small caps and blue chips caught a bid while mega-cap tech got sold. IWM up 0.88%. DIA up 0.30%. Rotation story, plain and simple. SPY closed down 0.31%, QQQ off 0.36%. VIX sitting at 17.28 — elevated but not panic territory. Gold data unavailable tonight.
Asian markets data not available. Pre-market color from overseas is dark on that front.
No economic data tomorrow. Calendar is clean.
Earnings to watch: CRWS and DAKT report before the open. Daktronics is carrying a consensus EPS estimate of 0.20. AREC comes in pre-market with an estimate of negative 0.085 — they're expected to lose money, that's the bar. H.B. Fuller reports after the close with a consensus of 1.41. BKHA and IXAQF also on the docket with no estimates available.
Meta down 2.32% to 563.85. Not the worst name on the sheet today, but worth flagging — when Meta bleeds alongside Google and Amazon in the same session, that's the ad market and cloud narrative getting repriced together. Bank of America up 2.08% to 57.37. JPMorgan up 1.92% to 331.48. UNH up 1.43% to 406.68. Financials and healthcare caught a rotation bid while tech got dismantled. That's money moving, not hiding.
The read here is clear. Mega-cap tech took a coordinated hit. Six of the eight large-cap names on the sheet bled out, two survived. When Google, Amazon, Microsoft, and Netflix all drop in the same session, that's not noise. Intel and AMD moving opposite the tape is worth watching heading into tomorrow. And the financials catching a bid on the same day? Rotation is already in motion.
Numbers don't lie. People do. Trade accordingly.