Tech is bleeding pre-market while semis hold the line — that's the split you need to watch today.

Tech is bleeding pre-market while semis hold the line — that's the split you need to watch today.

Futures soft. SPY down 0.12%, QQQ off 0.51%. Small caps taking the hardest hit — IWM down 0.93%. Dow nearly flat. VIX sitting at 18.32. Gold pulling back 1.54%. Asian markets unavailable this morning. No economic data on the calendar today, so earnings drive the narrative.

CRM down 4.15% to 163. Biggest loser on the board. Salesforce getting hit hard. META off 2.58% at 627.17 — sentiment. MSFT down 1.86% to 390.34, dragging alongside the broader software selloff. GOOGL down 1.46% at 342.09 — quiet but consistent pressure on mega-cap ad names.

INTC down 2.68% to 102.62. Intel can't catch a break while the rest of semis run.

Now the other side. Nvidia up 2.3% to 212.06 — demand. Broadcom up 2.67% to 396.81 — strength. That semiconductor divergence from Intel is loud.

XOM up 1.81% to 154.45. Energy is the quiet outperformer while tech argues with itself.

AMD up 1.45% to 552.33. Worth clocking — another semi holding green while software falls apart.

Earnings this morning — here's what hits before the open. American Express reporting, consensus at 4.45 EPS — watch how consumer spending reads through. Booz Allen Hamilton expected at 1.51 — government services, not a market mover but worth clocking. Charter Communications at 10.37 — telecom, cash flow story. ABR and CRI both reporting with thin estimates. CVEO expected to post a loss.

The setup: software is weak, semis are split, energy is green. Mega-cap tech reporting in coming days will either confirm this rotation or reverse it fast. AXP could tell you something real about consumer health this morning.

No macro data today means price action is clean. What you see is what you get.

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