Tech is bleeding and NFLX is leading the body count.

Tech is bleeding and NFLX is leading the body count.

NFLX down 5.82% to 72.88. Steepest drop in the deck. ORCL down 5% to 175.07. GOOGL down 4.99% to 349.68. AMZN down 4.75% to 232.79. AVGO down 4.67% to 392.13. That's five names getting hit hard before the bell even rings. MSFT down 3.18% to 367.34 — lightest loss in an ugly group.

Meanwhile INTC up 5.19% to 140.94. AMD up 2.65% to 551.63. Two chips swimming upstream while everything else drowns. Watch that split.

Meta down 2.32% to 563.85. BAC up 2.08% to 57.37. JPM up 1.92% to 331.48. UNH up 1.43% to 406.68. Financials and healthcare catching bids while mega-cap tech bleeds — that's not noise, that's a signal.

Futures: SPY off 0.31%, QQQ off 0.36%. Small and steady losses — not a flush, but the direction is clear. IWM up 0.88% and DIA up 0.30% — rotation out of big tech into small caps and industrials is visible right now. VIX sitting at 19.69. Not panic, but not comfortable either. Gold down 1.03% — risk-off isn't the full story here.

Asian markets unavailable overnight. No economic data on the calendar today. Clean tape, no macro catalysts scheduled.

Earnings on deck: CRWS and DAKT report before the open — DAKT's EPS estimate is 20 cents. FUL reports after the close with a 1.41 estimate. AREC and IXAQF also on the list. None are market movers at this size, but FUL's number after the bell could set up a trade.

The read today: large-cap tech is getting sold, semis are split, financials are green, and small caps are catching a bid. That rotation has legs or it doesn't — futures will tell you more in the next hour. Watch QQQ versus IWM through the open. If IWM holds the gap, the rotation is real.

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