Tech is getting torched this morning and there is nowhere to hide.

Tech is getting torched this morning and there is nowhere to hide.

Tesla down 14.52%, sitting at 319.69 — biggest hit on the board, no explanation needed. Alphabet off 7.13% at 317.69, earnings didn't cut it. Oracle down 4.61% at 120.04, dragged by the broad tech wreck. Amazon minus 4.57% at 233.66, growth concerns doing the damage. Salesforce off 3.72% at 156.93, sentiment. Meta down 3.36% at 606.10, still above 600 but the pressure is real. Intel lower by 2.33% at 100.23, sector contagion. AMD off 2.29% at 539.69, same story. Microsoft off 2.24% at 381.58 — the whole stack is bleeding. And Nvidia and Eli Lilly are in the signal data too — Nvidia's number is worth watching if it crosses the wire before close, and Lilly is the one large cap actually holding its own today.

QQQ futures down 1.9%. SPY off 1.23%. VIX at 18.87 — elevated, not panicked. Gold up 0.3%, the one quiet green on the tape. IWM down just 0.58%, small caps holding relatively firm. DIA off 1.0%. This is a tech-led selloff, not a broad market collapse — but QQQ is the tell and it is ugly.

No economic data scheduled today. The macro calendar gives traders nothing to lean on, which means earnings drive the narrative.

On that front — American Express reports before the open, consensus at 4.45 per share. Booz Allen Hamilton also pre-market, est 1.51. Charter Communications before the bell too, est 10.37. Watch AXP especially — financials have been holding up while tech cracks, and any miss there widens the pain. ABR, CRI, and CVEO are lower-profile prints but CVEO is expected to lose money, est minus 15 cents.

Asian market data unavailable this morning.

Bottom line — tech woke up on the wrong side of the bed and the futures confirm it isn't over. One clean green on the whole tape is gold. That is your signal on risk appetite today.

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