Pharma just went nuclear and tech futures are bleeding — welcome to Monday.

Pharma just went nuclear and tech futures are bleeding — welcome to Monday.

LLY up 7.13%, closing at 1208. Weight-loss drug data hit and the market went straight vertical. MSFT up 5.71% to 372.97 — AI momentum, no signs of stopping. CRM up 5.45% at 158.37, cloud spending thesis holding. NFLX up 4.1% at 73.81, subscriber story still printing. AAPL up 3.14% at 283.78, quiet and consistent. UNH up 2.97% at 427.89, defensive money rotating in.

On the red side — Broadcom down 3.67% at 365.02, semis getting hit. INTC down 3.42% at 128.32, no catalyst, just pressure. ORCL off 2.58% at 148.53 — Oracle sliding with the rest of the enterprise stack. AMD down 2.06% at 521.58, giving back ground with the semi complex. Google down 1.84% at 337.39 — ad giant drifting with no obvious floor in sight.

Semis took a punch today. Healthcare and software shrugged it off entirely.

Futures: SPY minus 0.72, QQQ minus 1.38. Tech is waking up Tuesday in the red. VIX sitting at 18.41 — not panicking, but not asleep either. Gold essentially flat.

ETFs confirm the story. QQQ dragging hardest. IWM actually green at plus 0.31 — small caps quietly holding. DIA off just 0.29. The rotation out of large-cap growth is real and the data is right there.

Asian markets unavailable overnight. No economic calendar today. Earnings names on deck: AVK, BRW, BWMG, CASIF with an EPS estimate of negative 37 cents, EAD, and ERC. Nothing that moves the tape at the index level, but watch CASIF — negative estimate already priced in or it isn't.

Bottom line: LLY just reminded everyone pharma can still be violent to the upside. Meanwhile QQQ futures suggest the open tomorrow starts in a hole. Small caps are the one bright spot if you're looking for relative strength.

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