Tech bled today and Oracle led the retreat.

Tech bled today and Oracle led the retreat.

ORCL down 4.62% to 157.53. Steepest drop in the room, no cushion. MSFT down 2.27% to 365.46, dragging the cloud narrative with it. XOM off 2.03% to 136.90, oil soft. TSLA down 1.59% to 375.53, momentum fading. NFLX down 1.35% to 71.84, steady bleed. META down 0.81% to 557.67, resilient by comparison. UNH off 0.84% to 405.80, healthcare giving back. LLY up 0.92% to 1117.26 — only green in the room, pharma holding its ground while everything else leaked.

NVDA off 0.52% to 199. Not a collapse, but under 200 is a number the market watches. AVGO up 0.51% to 382.07 — one of the few chips not bleeding out. INTC down 0.48% to 131.65, quiet but consistent pressure. CRM off 0.43% to 152.76, enterprise software getting no love today.

Tech got hit. Energy followed. Healthcare mostly sideways. LLY was the one name traders didn't want to leave.

Futures soft. QQQ down 0.42%, SPY down 0.05%. Small caps and Dow bucking the trend — IWM up 0.46%, DIA up 0.37%. Rotation out of growth, into value. VIX sitting at 18.63. Not panic, but not comfortable either. Gold data unavailable. Asian markets unavailable overnight.

Nothing on the economic calendar today. Clean tape, no macro catalysts scheduled.

Earnings on deck: APOG reports before the open, consensus EPS estimate at 45 cents. BTM also out, consensus negative 55 cents — market already pricing in the loss, question is how deep. AIRT, CDT, CPZ, and NBXG also reporting, no consensus estimates available on those.

The split today is worth watching. Large cap tech down hard. Small caps and Dow catching bids. That rotation has legs or it reverses fast — no in between.

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