Amazon just dropped a 15% session on a Saturday — pay attention.

Amazon just dropped a 15% session on a Saturday — pay attention.

Amazon up 15.32% to 271.58. Earnings. Full stop. That's the headline and the whole story. Apple down 7.35% to 308.91. Something in the print spooked the market hard. Alphabet up 6.73% to 356.13 — cloud numbers did the work. Meta up 3.28% to 556.71, Microsoft up 3.02% to 464.72. Both green, both quiet. Nvidia up 2.93% to 200.75 — steady, no fireworks. Netflix down 2% to 71.71. AMD down 1.9% to 476.15. Back half of the tape faded while the front half ran.

Mega-cap tech split clean today. Amazon and Alphabet on one side. Apple dragging on the other. That divergence is the only story in equities.

Futures pointing higher. SPY futures up 0.72%, QQQ up 0.65%. VIX sitting at 15.99 — complacent. Gold flat, down 0.04%. No fear trade today.

ETF picture confirms the tone. SPY up 0.72%, QQQ up 0.65%, DIA up 0.54%. IWM down 0.48% — small caps didn't show up. Large cap only rally.

Asian markets unavailable tonight. No overnight read going into the week.

Nothing on the economic calendar. Clean tape.

One earnings flag: Automatic Data Processing reporting. EPS estimate at 0.64. Watch for any labor market signal in that print — ADP touches payroll data, and payroll data touches everything right now.

The setup heading into Monday is straightforward. Futures green, VIX low, big tech mostly higher. Apple is the outlier. That 7-plus percent drop on a mega-cap carries weight. If it stabilizes Monday open, the bulls hold the narrative. If it extends, watch how fast sentiment shifts.

Small caps already lagging. IWM negative while everything else runs is a yellow flag, not a red one — but worth tracking.

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