Tech is waking up hot and the futures aren't arguing.

Tech is waking up hot and the futures aren't arguing.

SPY up 0.7%. QQQ up 1.16%. Tech is leading, small caps barely showing up — IWM only 0.26%. DIA flat at 0.14%. The rotation story is clear this morning.

VIX at 14.52. Low. Gold up 1.6% — safety bid running alongside the risk rally. Watch that divergence.

Asian markets unavailable. Nothing scheduled on the economic calendar. Clean tape.

Now the stocks.

NFLX up 5.43% to 78.24. Biggest mover on the board — momentum.

CRM up 4.16% to 201.37. Enterprise software catching a real bid.

TSLA up 3.8% to 339.96. Risk-on.

INTC up 3.58% to 104.56. Semiconductors moving.

META up 2.78% to 594.97. Large-cap tech in stride.

ORCL up 1.92% to 156.22. Cloud holding its ground.

COST up 1.29% to 961.85. Defensive consumer, still green.

UNH down 1.61% to 399.06. Healthcare bleeding — one of two red names today.

BAC down 1.11%. Financials not participating. UNH and BAC are the soft spots in an otherwise risk-on setup.

AAPL up 1%. Consumer tech quiet but green — not leading, not lagging.

Tech is broadly catching bids. Semis, software, mega-cap — all moving together. Financials and healthcare are the drag.

Earnings today are all micro-cap names — ALLR, ATHR, ACTU, ACXP before open, AIRE, and AMSS after close. Every single one is estimated to print a loss except AMSS, sitting at a modest positive 0.2958. These are not market movers. Know they exist.

That's the setup. QQQ futures up over a point, VIX subdued, gold climbing — two different stories running at once on a Friday heading into the close of the week.

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