Semis are getting hit hard and the broad tape is ugly — this is not a light red day.

Semis are getting hit hard and the broad tape is ugly — this is not a light red day.

Futures first. SPY down 1.54%. QQQ down 2.04%. Tech is leading the bleed. VIX at 19.16 — fear is up but not panicked. Gold up 2.46%. Classic flight to safety. Asian markets unavailable overnight.

ETFs confirm the damage. DIA down 2.18%. IWM down 1.64%. Small caps and blue chips both taking it. No sector is clean this morning.

Now the stocks.

AMD down 5.51% to 429.56. Earnings reaction — guidance disappointed.

Intel down 5.12% to 81.88. Also earnings — the beat wasn't enough.

Nvidia down 3.55% to 190.01. Sympathy sell with the semi complex — it doesn't need its own bad news right now.

Broadcom down 2.78% to 370.32. Same sector, same pain.

JPMorgan down 3.53% to 344.71. Financials getting dragged — BAC down 2.48% to 61.07, no stock-specific catalyst, broad macro pressure.

Tesla down 2.97% to 298.32. Risk-off is doing the work here.

One bright spot. Salesforce up 3.79% to 188.38. Earnings cleared the bar — CRM is the outlier in an otherwise red tape.

XOM up 2.42% to 156.75. Energy bucking the trend — another pocket of defense on a macro-fear day.

Semis are the story. AMD and Intel reported, both sold off hard, and the contagion hit Nvidia and Broadcom before the open even rings. That's a sector narrative, not a single-stock problem.

Financials are soft but not broken. The moves in JPMorgan and BAC look macro-driven rather than fundamental.

Economic calendar is empty today. No scheduled data to shift the tape.

Earnings on deck before the open: ABBV, ABR, AN, ARES, AU, and BCPC. ABBV is the one to watch — pharma reporting into a risk-off environment. Consensus at 3.67.

UnitedHealth down 1.92% to 420.57. Healthcare is not immune today — worth flagging alongside the defensive posture.

The setup this morning is defensive. Gold up, VIX elevated, semis bleeding, and futures pointing lower across all four major indices. The only offense is Salesforce and energy.

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