Tech is bleeding out across the board and Netflix is leading the carnage.

Tech is bleeding out across the board and Netflix is leading the carnage.

Netflix down 7.26%, sitting at 68.95. That's your headline. Meta down 2.79% at 646. Tesla off 2.61% at 380. Nvidia dropping 2.21% to 202. Google sliding 2.17% to 346. Intel down 2% at 95. Microsoft off 1.81% at 393. One green name in the group — Oracle up 1.77% to 126.41. Make of that what you will.

QQQ futures off 1.5%. SPY down nearly a full percent. IWM losing half a point, DIA off 0.77%. The small caps are holding up better than everything else, which means the pain is concentrated exactly where you'd expect — mega-cap tech.

VIX at 17.81. Not panic, but it's moving. Gold up 0.56% — the classic flight trade, nothing surprising there. Asian overnight data is unavailable. No economic calendar today. Clean slate, ugly tape.

Earnings tonight and before open tomorrow: Alaska Air after close, EPS est negative one dollar — airlines haven't fully shaken the cost pressure story. Ally Financial before open, est 1.25 — watch the net interest margin commentary, that's the real signal. AMSF after close, est 0.53. ARR also reporting, est 0.75. AQUC and ASRV on deck with no estimates published.

The sector read: this is a broad-based tech selloff, not a rotation — when Netflix drops seven percent and drags Nvidia, Meta, and Microsoft with it, that's sentiment, not fundamentals reshuffling. Salesforce off 1.11%, Amazon down 1.06%, AMD dropping 1.03%, Broadcom off nearly a full percent — the damage isn't one or two names, it's the whole stack.

No safe corner in tech today. Oracle's green tick stands alone. If you're watching pre-market levels, QQQ down 1.5% is the number that sets the tone for the open.

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