Tech is getting hit hard this morning and the rotation out of chips is not subtle.

Tech is getting hit hard this morning and the rotation out of chips is not subtle.

QQQ down one percent pre-market. SPY off point-two-nine. DIA actually green, up point-two-seven. That spread tells you exactly where money moved yesterday. VIX at fifteen-seventy-eight — elevated but not panicking. Gold up one-point-two-three percent. Defensive posture.

Tesla down three-point-eight-three percent, three-forty-eight-ninety-five. Demand pressure. AMD down three-point-four-nine, four-fifty-six-seventy-five. Chips bleeding. Intel down three-point-one-two, eighty-seven-twenty-six — the weakest chip name on the board and it's showing. Nvidia down two-point-nine-one, two-oh-eight-forty-eight. Even the market's favorite AI trade got sold. Oracle down two-point-seven-four, one-forty-two-forty-five. Broadcom down two-point-six-three, three-fifty-eight-seventy-six. Six names, all semiconductors or enterprise tech, all red, all meaningful.

Now flip to the other side of this board. Walmart up two-point-six-nine, one-oh-six-forty-nine. Costco up two-point-five, nine-seventy-one-forty. Defensive consumer names catching real money. UnitedHealth up two-point-two-two. Healthcare joining the rotation. JPMorgan up one-point-three-seven. Financials holding. Meta up one-point-six-six — the only large-cap tech name staying green while the rest of the sector gets sold. That divergence is worth noting. Amazon up one-point-three-three, holding ground while chip names crater around it.

The rotation story is not subtle anymore. Chips and enterprise software are the weight. Defensive consumer, healthcare, financials, and select mega-cap tech are catching the flow. This is a sector decision happening in real time.

No economic data on the calendar today. Earnings after the close: Agilent, ticker A, consensus at one-fifty-one. Afya at two-nineteen. Anaren Wireless, ticker AVNW, at fifty-six cents. Bath and Body Works pre-market tomorrow, consensus at twenty-five cents. Burlington pre-market, two-twenty-one. Banx reports with no estimate.

Asian markets were unavailable overnight.

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