Tech is bleeding while the Dow holds — that's a split market, and Intel is leading the damage.

Tech is bleeding while the Dow holds — that's a split market, and Intel is leading the damage.

Intel down 7.89% to 92.32. That's the headline. Whatever hit them, it hit hard. Oracle off 4.21% to 114.99 — pressure across legacy tech. AMD dropping 3.29% to 521.95. Broadcom down 2.69% to 381.92. Semis are getting sold.

Meanwhile, Salesforce up 4.29% to 163.66. Apple up 3.53% to 333.02. Two names swimming against the current while everything around them sinks.

Netflix up 1.74% to 70.09. Bank of America up 1.26% to 62.05. Walmart up 0.99% to 109.47. Costco up 0.97% to 935.03. That's your rotation signal — streaming, financials, and consumer staples catching bids while semis burn.

Tesla down 2.08% to 313.03. Meta off 1.80% to 595.19. Neither is the story today — they're just following the tape lower.

On the macro side, QQQ futures down 1.12%. SPY holding at plus 0.10%. VIX at 17.69 — not panic, but not comfortable. Gold up 0.73%, which says money is moving somewhere defensive. The Dow ETF up 0.48% tells you this rotation is real — out of growth, into stability.

IWM down 0.32%. Small caps not participating in the Dow's strength. That's a split read on breadth.

No economic data scheduled. No Fed speakers. The tape trades on its own today.

Earnings worth watching: AB reports before the open, EPS estimate 85 cents. Asbury Automotive also pre-market, estimate 6.37. Those are the numbers traders will be triangulating this morning. After the close, ACGL at 2.48, ACHC at 35 cents, and AAT at about 10 cents.

The setup: semis are under pressure, megacap tech is mixed, defensives are catching a bid. Intel needs a catalyst or this gets worse. Salesforce and Apple need to hold their gains or the bulls lose their only talking points.

Asian market data unavailable this morning. Eyes on the open.

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