Red across the board this morning and the big dogs are taking the biggest hits.

Red across the board this morning and the big dogs are taking the biggest hits.

Futures soft but not screaming. SPY off 0.32, QQQ down 0.34. VIX sitting at 15.39 — calm, not complacent. Gold up 2.05%. Someone is hedging.

ETFs: SPY and DIA both down 0.32. QQQ off 0.34. IWM bucking the trend, up 0.34. Small caps holding while large caps bleed. Note that.

Asian markets — no data available this morning.

Nothing on the economic calendar today. The tape moves on its own.

Now the stocks.

GOOGL down 3.84% to 343.80 — leads the damage board. Oracle right behind it, off 3.69% to 145.48 — hard drop for a name that's been a quiet AI darling. AMZN down 2.09% to 272.27. NFLX off 1.97% to 74.79 — giving back recent strength. UNH drops 1.60% to 402.19, healthcare getting clipped. AVGO down 1.50% to 416.08, semis softening. LLY off 1.37% to 1215.02, still expensive, still pulling back. AAPL the lightest loser at 1.09% down to 304.91 — relative strength, relatively speaking.

On the other side — AMD up 1.01% to 474.32, and Meta up 0.71% to 599.12. Two names swimming upstream while the rest of tech drowns. JPMorgan adds 0.63% to 362.04. Not a rally — but not everyone is bleeding.

Tech is the wound today. Every major name in the sector is lower except the ones making a point of not being. The rotation into small caps via IWM tells you money isn't leaving the market — it's repositioning inside it.

Earnings on deck. Pre-market: ABEO, estimating a loss of 23 cents. ADCT, loss estimate of 21 cents. AEBI the outlier — actually expected to earn, 13 cents. After the close: ACOG projecting a loss of 40 cents. AEMD the deepest red on expectations at negative 80 cents. AEYE looking for 21 cents of profit. None of these move the broader tape, but watch for surprises.

No macro catalysts scheduled. This session is price action and earnings, full stop.

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