CRM is up six percent before the bell and that's your headline.

CRM is up six percent before the bell and that's your headline.

Futures are flat to soft. SPY barely moving at plus zero-zero-two. QQQ down thirty-one basis points. Small caps holding up — IWM plus sixty. Dow steady. VIX at 19.11, not panicking but not relaxed either. Gold off one-point-two percent. Asian markets unavailable this morning. No economic calendar events today.

Now the tape.

CRM up 6.07% at $173.60. Salesforce ripping — cloud names catching a bid. ORCL up 4.27% at $119.90, same trade, different jersey. GOOGL up 2.13% at $326.56, ad revenue holding up, sentiment warming. WMT up 2.07% at $111.74 — consumer defensive getting love. MSFT up 1.94% at $389.10, steady. COST up 1.77% at $951.58, membership model doesn't flinch.

Now the pain side.

AMD down 5.17% at $494.95. That's a hard hit — chips getting punished. Nvidia down 4.99% at $196.51. Nearly five percent off the AI darling — getting repriced this morning. Both names dragging QQQ lower. Enterprise software wins. Semiconductors bleed. That's the split on the screen right now.

Earnings today — watch these. ADP reports before the open, consensus at $2.62 — payroll giant, macro read on employment. AER before the open at $4.14 estimated — aircraft leasing, quiet mover. ALGN after close, $2.66 estimate — orthodontics, consumer discretionary proxy. ADAM and ADPT both after close, smaller names. AES also on deck, fifty-two cent estimate.

ADP is the one that matters for macro tone. Jobs data baked into that number. If ADP misses, it hits the broader conversation before Friday's employment report.

No scheduled economic releases today. The calendar is clean. That puts earnings front and center.

Bottom line — enterprise software catching a bid, semis selling off, and the market isn't picking a direction yet. QQQ underwater while small caps creep higher. Watch ADP at the open.

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