Semis are running and JPM just printed money — tech is in charge this morning.

Semis are running and JPM just printed money — tech is in charge this morning.

Intel up 4.5% to 107.76 — semis leading. Nvidia up 4.06% to 211.80 — momentum. AMD up 2.57% to 548.13 — the whole sector is moving together. JPMorgan up 2.5% to 342.89 — earnings. Google up 1.99% to 359.51 — ad spend holding.

Now the red. Oracle down 2.74% to 127.94 — cloud hesitation. Eli Lilly down 2.48% to 1152.54 — weight-loss trade cooling. Salesforce down 2.14% to 167.56 — enterprise software getting passed over today.

Futures are green but not screaming. QQQ leading at plus 1.12% — that's the semis doing the heavy lifting. SPY up 0.36%. IWM up 0.35%. DIA barely breathing at plus 0.04%. This is a tech-specific rally, not a broad one. VIX at 16.35 — calm enough to trade. Gold slipping 0.45% — risk appetite is on.

No economic data today. Calendar is clear. Asian markets unavailable overnight so no directional read from the east.

Earnings to watch: Abbott reports before the open — EPS estimate 1.29. Alcoa reports after the close — estimate 2.31. Neither is a market mover on its own but miss on Abbott and healthcare feels it.

Bottom line — semis are the story. Intel and Nvidia both up over 4% heading into the open while pharma and enterprise software sit in the red. Rotation is visible. Tech bulls have the wind at their backs right now, but it's narrow. Watch whether IWM can catch up or if this stays confined to QQQ names all session.

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