Tech got hit with a shovel today and semis led the bleeding.

Tech got hit with a shovel today and semis led the bleeding.

Intel down 6.58%, sitting at 96.68. Worst of the session. No contest. META off 4.45% to 543.67 — the kind of drop that stings institutional books. AMD down 4.27% to 484.39, dragged by the same semiconductor gravity pulling everything with a chip inside it. Broadcom down 3.17% to 380. Semis had a rough Wednesday. Oracle dropped 2.63% to 142.79, quiet but consistent with the broader tech unwind. Nvidia off 2.34% to 219.74 — not the worst in the room, but when Nvidia's bleeding too, you know the sector isn't just rotating, it's getting sold.

Two names bucked the trend. LLY up 3.6% to 1225.73 — pharma doing what pharma does when growth names crack. CRM gained 2.71% to 196.14, holding its own while the rest of software got sold. XOM added 2.54% to 165.56, energy quiet but green. Netflix up 2.3% to 77.77, and Apple up 1.45% to 310.03 — consumer names catching rotation money while the chip complex got torched.

Semis red across the board. Pharma, energy, consumer tech — that's where the rotation landed.

Futures confirm the pain. QQQ down 1.69%. SPY off 0.68%. Small caps took it too — IWM down 1.26%. DIA only off 0.24%, which tells you the Dow's old-economy weighting absorbed the shock better. VIX sitting at 15.84 — elevated but not panicking. No Asian market data tonight. No economic calendar tomorrow. Calendar is clean, so price action owns the narrative.

Earnings tomorrow morning. BABA reports before the open — consensus at 10.62 per share. That number moves sentiment across the China trade. Watch it. AAP also pre-market, est 0.80. ATAT and ATHM both reporting before open as well, estimates at 3.79 and 2.06 respectively. AXIL and AGTX on the calendar with no consensus posted.

Tech rotation into defensives is the story today. If BABA misses, expect more pressure on risk-on names that are already bruised.

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