Meta just handed AI skeptics another rough morning.

Meta just handed AI skeptics another rough morning.

Futures first. SPY up 0.43. QQQ up 0.31. VIX sitting at 16.34 — calm. Small caps lagging, IWM down 0.42. Asian markets unavailable this morning. Gold off 0.78. No economic data on the calendar today.

Now the tape.

Meta up 5.97%, trading at 669.21. AI spend paying off — market believes it. Nvidia up 4.03%, 210.96. Chips running. AMD up 2.04%, 557.89. Follows Nvidia, no surprise.

That's where the green stops.

Netflix down 2.78%, 73.37. Sentiment shift — streaming fatigue narrative back. Oracle down 2.48%, 140.64. Enterprise cloud losing momentum. Intel down 2.40%, 109.84. Structural problems, not a news event. Eli Lilly down 2.33%, 1188.58. GLP-1 trade cooling off for now. UnitedHealth down 1.64%, 424.62. Healthcare sector under pressure, UNH carries the weight.

Tech is bifurcated — AI names pulling higher while legacy and platform plays give ground. Healthcare is getting hit without a catalyst, which makes it worth watching.

Earnings tonight and tomorrow morning. After the close: Aehr Testing, EPS estimate negative 0.0077. Air Industries, estimate 1.39. Brille — no estimate available. Before the bell tomorrow: Angelo and Sons, estimate negative 0.09. Bank of America, estimate 1.13. Citigroup, estimate 2.76. BAC and C are the ones that matter. Big bank earnings set the tone for financials all week.

Session setup: Meta's move is the story. If that holds, QQQ finds support. Watch whether the red in healthcare and legacy tech deepens or stabilizes. Small caps underperforming futures is a yellow flag — IWM diverging from SPY is worth tracking intraday.

No macro data today means price action runs on sentiment and flow. That can cut either direction fast.

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