Tech got hit with a shovel today.

Tech got hit with a shovel today.

Intel down 6.14% to 132.28. Worst of the session, no contest. AMD down 5.76% to 519.85 — chips got smoked across the board. Oracle down 5.66% to 165.16. Tesla down 5.79% to 381.61, dragging consumer tech with it. Nvidia down 4.13% to 200.04 — still above 200, barely. Broadcom down 3.06% to 380.15, cleaner than the rest but still bleeding.

Two names swam upstream. Salesforce up 2.2% to 153.42 — relative strength noted. Walmart up 1.91% to 119.42 — rotation into defensives when tech cracks, classic.

Microsoft up 1.8% to 373.94 — that's the outlier worth watching. Enterprise software getting sold hard everywhere else, and Microsoft is green. Either the market is making a distinction or it's the last man standing before the next leg down.

QQQ down 3.29%. That's not noise, that's a flush. SPY off 1.45%. IWM down 0.96%. DIA essentially flat at minus 0.09% — Dow held while Nasdaq got carved. VIX sitting at 19.49, elevated but not panicking. Gold data unavailable. Asian markets unavailable overnight.

No economic calendar events today. Nothing scheduled to shift the macro picture tomorrow either.

Earnings on deck: Acuity Brands reports before the open Thursday, consensus at 5.21. That's a real number to watch. American Outdoor Brands reports after the close, estimate negative half a cent — tiny setup. Bassett Furniture consensus 0.20. AFB, CCD, CHW also reporting with no estimates posted.

Sector picture is simple. Semis led the damage. Enterprise software followed — with one notable exception. Defensives and non-tech held. That's the rotation right now.

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