Tech is split clean down the middle this morning and the names doing the damage are the ones that can least afford it.

Tech is split clean down the middle this morning and the names doing the damage are the ones that can least afford it.

Asian markets unavailable. QQQ futures down one-point-five-two percent — that's your setup heading in. SPY off a fraction, IWM down thirty-eight basis points, Dow flat. VIX sitting at 16.55. Gold catching a small bid. No economic data on the calendar today.

Now the stocks.

Intel down nine-point-oh-three to 127.02. That's not a dip, that's a breakdown. AMD down six-point-eight-nine to 540.88 — chips getting hit hard on both ends. The semiconductor trade is under real pressure this morning.

META up eight-point-eight-one to 612.91. That's the headline number of the session, full stop. Microsoft up three-point-oh-two to 384.28. Salesforce up four-point-one-nine to 163.23. Three large-cap software and platform names running while silicon bleeds — the divergence inside tech is wide.

Netflix up three-point-nine-one to 74.19. Quiet mover, consistent.

Walmart down three-point-nine-two to 108.82. Retail taking a hit with no obvious catalyst — watch whether consumer names follow.

Oracle down two-point-seven-six to 142.50. Cloud infrastructure giving back ground.

UnitedHealth up two-point-six-two to 426.54. Bank of America up two-point-four-two to 58.36. JPMorgan up two-point-oh-six to 334.07. Health and financials quietly moving together — that's not noise, that's rotation. Money is coming out of chips and going somewhere.

Broadcom down two-point-two-three to 369.34. Another semiconductor name in the red — confirms this isn't just Intel and AMD. The whole complex is getting repriced.

Earnings this morning: LNN reports before the open, EPS estimate one-twenty-two. PKE also pre-market, estimate fourteen cents. SBSAA and BABB also on the tape. None of these are market movers, but LNN is the one to clock.

Bottom line: META is carrying the session on its back. Intel and AMD are the story nobody wanted. Broadcom adds a third chip casualty — the semiconductor unwind is broad. Health and financials absorbing the flow. Soft macro read from QQQ futures says the bulls have work to do before the open. Gold nudging higher tells you someone's hedging.

Short session tomorrow with the July Fourth holiday Friday — volume will thin out fast. Watch spreads widen into the close.

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