Semis are running the show today and JPMorgan just reminded everyone why banks print in July.

Semis are running the show today and JPMorgan just reminded everyone why banks print in July.

Intel up 4.5%, $107.76. Semis are catching a bid hard. Nvidia up 4.06%, $211.80 — momentum doesn't care about valuations. AMD up 2.57%, $548.13. Three semi names moving in lockstep. That's a sector rotation, not a coincidence.

JPMorgan up 2.5%, $342.89. Earnings season opened the door and banks walked through it. Bank of America up 1.88%, $60.62 — the move isn't isolated, the whole sector is catching a bid.

Google up 1.99%, $359.51. Quietly grinding while the loud names get the headlines.

Oracle down 2.74%, $127.94. Someone's taking profits off a name that's had a big run. CRM down 2.14%, $167.56 — enterprise software getting trimmed while hardware eats.

Lilly down 2.48%, $1,152.54. No headline, just sellers. Watch whether that holds.

Microsoft down 1.55%, $384.93. Red in a green tape — that's worth noting.

QQQ futures up 1.12%. Tech leading the index and the index knows it. SPY up 0.36%. Dow barely breathing at plus 0.04% — this rally has a very specific zip code and it's not industrials. IWM up 0.35%, small caps tagging along without conviction. VIX at 16.5. Complacency or calm — traders decide.

Asian markets unavailable overnight. No economic data on the calendar today.

Earnings tonight after the close: Alcoa, ticker AA, consensus at $2.29. Aluminum names move hard on misses. AutoNation, ticker AN, consensus $5.60. Also after the close, ADN and ASII with no published estimates. Tomorrow morning before the open: Abbott Labs, ticker ABT, consensus $1.29, and Ames Financial, ticker ATLO, at $0.67.

The tape today belongs to semis. Intel leading that group is the detail worth watching — it's been the laggard for years. One session doesn't rewrite the story, but traders are clearly reassessing.

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