Tech is getting gutted while the Dow holds — that divergence is the whole story today.

Tech is getting gutted while the Dow holds — that divergence is the whole story today.

INTC down 7.89% to 92.32. That's not a pullback, that's a verdict. CRM up 4.29% to 163.66 — cloud outlier in a sea of red. ORCL off 4.21% to 114.99, bleeding alongside the sector. AAPL up 3.53% to 333.02 — resilience when everything else is rolling over. AMD down 3.29% to 521.95, AVGO off 2.69% to 381.92. Semis are the wound. TSLA down 2.08% to 313.03. META off 1.8% to 595.19. NFLX up 1.74% to 70.09 — one of the few consumer names catching a bid. BAC up 1.26% to 62.05, WMT up 0.99% to 109.47, COST up 0.97% to 935.03 — rotation is happening in real time. Money coming out of growth, landing in financials and defensives.

Tech took the hit. Industrials didn't. That's today's tape.

Futures confirm the split. QQQ sitting at minus 1.12% — that's sustained tech pressure, not noise. SPY basically flat at plus 0.1%. DIA up 0.48%. IWM down 0.32%. VIX at 18.58 — elevated but not screaming. Gold up 0.52%, quiet rotation into safety.

Asian markets unavailable tonight.

Nothing on the economic calendar. No macro catalysts scheduled. The moves you're seeing are pure positioning.

Earnings on deck after the close. Watch AGYS — consensus at 41 cents. AMKR estimated at 48 cents, semiconductor name in a rough tape. APLD expected to post a loss of 22 cents, so the bar there is about guidance, not the print. AHT estimates sitting at negative 7.85 — hospitality REIT, messy setup. AMED at 1.55, AMNF at 15 cents.

Nothing tonight changes the macro picture. But INTC's drop is the headline you don't ignore. Near 8% in a single session means something repriced hard. CRM and AAPL are the only two names that didn't get dragged down with the sector — that separation matters. And while tech bleeds, BAC, WMT, and COST are quietly catching flows. That's not random. That's a rotation trade building in public.

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