Amazon just lit the room on fire and Apple tried to put it out.

Amazon just lit the room on fire and Apple tried to put it out.

Amazon up 15.32% to 271.58. That's not a move, that's a statement. Apple down 7.35% to 308.91 — biggest drag in the room, no contest. Google up 6.73% to 356.13, clean and quiet. Meta up 3.28% to 556.71, steady. Microsoft up 3.02% to 464.72, holding pace. Nvidia up 2.93% to 200.75, chips grinding. Netflix down 2% to 71.71, slipping. AMD down 1.90% to 476.15, fading.

Tech split hard today. Amazon and Google pulled the sector up. Apple handed back a significant chunk doing the opposite.

Futures are green. SPY up 0.72%, QQQ up 0.65%. Small caps lagging — IWM down 0.48% while DIA holds plus 0.54%. Rotation signal. Money moved toward large cap growth and away from risk. VIX sitting at 15.99 — not panicked, not complacent. Gold up 1.34%, which tells you hedging never fully stopped.

Asian markets unavailable tonight.

Economic calendar is empty. Nothing scheduled. The data driving price today came from earnings and positioning, full stop.

On earnings watch: ACRE reports before the open, EPS estimate 0.0544. ACAD, ACEL, and ACNT all report after the close. ACEL carries the heaviest estimate at 0.2234. ACAD at 0.0586. These are smaller names — but misses move stocks regardless of market cap.

The macro picture right now is straightforward. Large cap tech is being rewarded selectively. Apple's drop while Amazon ripped 15% is not a tech story — it's a stock-specific story. The index-level green in SPY and QQQ reflects Amazon's weight doing heavy lifting today.

Small cap weakness with IWM negative while everything else ticks up — watch that spread. It tends to widen before it resolves.

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