Tech is bleeding and the Dow is the only thing keeping its shirt on — watch the divergence.

Tech is bleeding and the Dow is the only thing keeping its shirt on — watch the divergence.

Tesla down 7.49%, sitting at 393. That's the headline number this morning. Intel off 5.25% to 120.35 — chipmakers aren't getting a pass today. Meta drops 4.9% to 582.90. AMD down 4.26% at 517.82. Four tech names, all red, all meaningful.

QQQ futures down 1.73%. That's not noise — that's a bias. VIX at 16.33, not panicking but not sleeping either. SPY futures off 0.13%, so the broader tape is holding better than growth. DIA futures up 1.05% — rotation into defensives is the read there.

Now the green side. Apple up 4.84% to 308.63 — diverging hard from the rest of tech. Someone knows something or someone is repositioning fast. Netflix up 4.66% at 77.65, streaming catching a bid. Costco up 2.92% to 951.67 and Walmart up 2.78% at 111.84 — staples and value getting the money that's leaving growth.

IWM down 0.58% — small caps soft but not collapsing. Gold up 1.3% — that's a safe haven signal, full stop.

Asian markets data unavailable overnight. You're walking in with gaps.

Nothing on the economic calendar today. Earnings names on deck: EPAC reports after the close with an EPS estimate of 0.50. Also reporting: AIDG, CEV, CHBH, CHSCP, FPF — no estimates on those.

The split today is clean: old economy holds, growth gets sold. Apple and Netflix are the exceptions worth watching. If Apple can't hold its gap up and QQQ keeps sliding, this tape gets ugly fast. The Dow strength is real but it won't cover for a tech washout.

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