Tech is getting hit hard pre-market and the QQQ is down over three percent — this session has teeth.

Tech is getting hit hard pre-market and the QQQ is down over three percent — this session has teeth.

Futures first. SPY off one-point-four-five. QQQ down three-point-two-nine — that's the headline. IWM softer at minus zero-nine-six. DIA barely moved, down zero-zero-nine. VIX sitting at eighteen-point-nine-six. Gold sliding one-point-six-two. Risk-off with a side of dollar strength.

Asian markets — data unavailable this morning. No read overnight.

Now the stocks.

Intel down six-point-one-four percent to one-thirty-two-twenty-eight. Worst mover on the board. Tesla off five-point-seven-nine to three-eighty-one-sixty-one — momentum stalling. AMD dropping five-point-seven-six to five-nineteen-eighty-five, and that's ugly given where it was trading last month. Oracle down five-point-six-six to one-sixty-five-sixteen — the AI enthusiasm getting repriced fast. Nvidia off four-point-one-three to two-hundred-and-four — two hundred dollars flat is now the line to watch. Broadcom down three-point-oh-six to three-eighty-fifteen, dragged by the sector.

Two stocks bucking it. Salesforce up two-point-two percent to one-fifty-three-forty-two — enterprise software catching a bid while everything else burns. Walmart up one-point-nine-one to one-nineteen-forty-two — defensive money rotating in.

Chips and semis are getting punished across the board. Intel, AMD, Nvidia, Broadcom — four names, all down hard. That's not noise.

Microsoft up one-point-eight to three-seventy-three-ninety-four — holding while its neighbors bleed. That divergence inside Big Tech is worth watching. Google down one-point-oh-two to three-forty-six-thirteen — modest, but it's not green. Apple off zero-point-nine-one to two-ninety-four-thirty — not leading the selloff, not escaping it either.

Economic calendar is clean today. Nothing scheduled.

Earnings to watch. Acuity Brands reports before the open — AYI, consensus at five-twenty-one. Commercial Metals also pre-market — CMC, estimate one-seventy-nine. American Outdoor Brands reports after the close — AOUT, estimate negative half a cent. CCD and CHW also post results but no consensus data available.

Bottom line — QQQ down three-point-three with semis leading the drop. Microsoft the one Big Tech name holding its ground. Two defensive names catching flows. No macro catalysts on the calendar to break the direction either way. Watch AYI and CMC at the open.

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