Tech ran the show today and AMD didn't let anyone forget it.

Tech ran the show today and AMD didn't let anyone forget it.

AMD up 4.91%, closing at 479.18. Chips led hard. Netflix up 2.77% at 82.23 — content trade holding. Nvidia up 2.19% at 213.05, quiet by its standards but still green. Meta up 1.97% at 570.05, ad spend narrative still intact. Oracle up 1.62% at 144.76, steady. That's five winners with a clean tech theme running through all of them.

Now the other side. Exxon down 2.08% at 160.64 — energy sold off while semis partied. Salesforce down 1.61% at 205.69, enterprise software continues to lag its AI peers. Costco down 1.17% at 960.01, no obvious catalyst, consumer staples just caught the cold. Walmart down 1.04% at 105.38 — retail getting hit from both ends, discounters and staples both red on the same day.

Futures and ETFs confirm the day's tone. SPY plus 0.32%. QQQ plus 0.62%. IWM plus 0.42%. DIA plus 0.30%. Tech outpaced everything. VIX sitting at 15.45 — no fear in this room. Gold data unavailable. Asian markets unavailable overnight.

Nothing on the economic calendar. No macro drama to price in.

Earnings front. Best Buy reported before the open — EPS estimate was 1.3547, watch for any consumer spending signal in that print. Bilibili also pre-market, estimate at 1.544. After the close tonight: Autodesk, EPS estimate 3.1811 — enterprise software under scrutiny given Salesforce's weakness today. Affirm reports after the close too, estimate 0.3504 — buy now pay later gets tested against a rate environment that hasn't been friendly. ADNH and AWF also in the earnings mix but no estimates flagged.

Semis green. Energy red. Futures calm. Earnings queue loaded for tonight. That's your Wednesday wrap.

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