Tech is getting hit from multiple directions this morning and Intel is the headline wound.

Tech is getting hit from multiple directions this morning and Intel is the headline wound.

Asian markets unavailable overnight. No earnings. No economic data. You're trading the tape pure today.

Futures: QQQ down 1.12%. That's your tell on the session. SPY barely flat at plus 0.10%. VIX sitting at 18.58 — elevated but not panicked. Gold up half a percent. Defensive rotation, quiet version.

ETFs confirm the split. DIA up 0.48%, IWM down 0.32%. Old economy holding, growth getting clipped.

Now the stocks.

Intel down 7.89% to $92.32. Ugly. That's not a dip, that's a collapse looking for a floor. Salesforce up 4.29% to $163.66 — only green worth talking about in this tape, and it's standing alone. Oracle down 4.21% to $114.99, bleeding alongside Intel in the enterprise stack. Apple up 3.53% to $333.02 — the one bright spot in hardware, bucking the sector trend completely.

AMD down 3.29% to $521.95. Broadcom down 2.69% to $381.92. Two chips, same pressure, different stories but the same result. Tesla down 2.08% to $313.03 — momentum name moving with sentiment, nothing new there. Meta down 1.80% to $595.19, modest pullback on a stock that's been strong.

Netflix up 1.74% to $70.09 — consumer discretionary holding a bid while everything growth-adjacent sells off. Bank of America up 1.26% to $62.05. Walmart up 0.99% to $109.47. Costco up 0.97% to $935.03. Financials and defensives catching flow while tech bleeds. That rotation is real and it's telling you something about where confidence is sitting right now.

The pattern: semiconductors are getting crushed. Intel leads the damage. AMD and Broadcom follow. Apple is the exception and that gap between Apple and the rest of chips is worth watching. Salesforce holding green suggests software isn't in full retreat — yet.

No catalyst on the calendar today. That means price action is the story. QQQ down over one percent with tech stocks already marked down is the setup you're walking into.

Watch Intel for direction. Watch Salesforce for whether software can hold. Watch Apple to see if it stays disconnected from the chip wreckage. And watch Bank of America — when financials and defensives are taking the flow that should be going to growth, that's not a blip, that's a tell.

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