Tech just went nuclear overnight and the QQQs are telling you everything you need to know.

Tech just went nuclear overnight and the QQQs are telling you everything you need to know.

Futures first. QQQ up 3.3%. SPY up 1.68%. IWM up 1.39%. DIA up 1.18%. VIX sitting at 17.03 — fear is low. Gold barely moved, up 0.2%. Risk-on Friday.

Asian markets — no data available this morning.

Nothing on the economic calendar today. Clean tape.

Now the stocks.

Microsoft up 15.51% to 451.10. Earnings. That's the whole story. AMD up 13% to 485.39 — riding the AI infrastructure wave Microsoft just validated. Intel up 11.3% to 91.13. Semis lifting everything with a pulse. Oracle up 8.34% to 127.56 — cloud tailwinds, no surprise there.

Broadcom up 4.73% to 387.84. Chips broadly bid.

Now the red. META down 7.95% to 539.03. Capex guidance spooked the room — they're spending big and the market wants answers. LLY down 4.55% to 1154.97. No headline catalyst in this data, but at that price, even a small miss hits hard. CRM down 4.07% to 180.71. Software getting quietly dumped while semis take the spotlight.

Sector read: semis and mega-cap cloud are the only game in town this morning. Everything else is noise.

Earnings on deck before the open — ABBV consensus at 3.68, AutoNation at 5.66, ARES at 1.32. Watch ABBV. That one moves on guidance, not just the beat.

No macro data today means price action is all earnings-driven. Microsoft's print is doing the heavy lifting for the entire tech complex. The spread between AMD up 13 and META down 8 on the same morning tells you exactly how narrow this rally is — AI infrastructure wins, ad-dependent models get punished for spending.

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