Semis are bleeding and futures are soft — but not everything is red this morning.

Semis are bleeding and futures are soft — but not everything is red this morning.

Nvidia down 4.58%, sitting at 217.55. That's the headline. Semis got hit hard and Nvidia led the damage. AMD down 2.33% at 465.58. Intel down 2.85% at 89.47. The chip sector is under real pressure heading into the open.

But here's the split: big tech is holding. Amazon up 3.97% at 266.43 — that's the biggest mover on this list. Netflix up 2.35% at 81.72. Google up 1.74% at 346.59. Microsoft up 1.68%. Apple up 1.63%. Salesforce up 1.57%. Meta up 1.21%. That's a wall of green while the silicon names bleed. The divergence is sharp and it's clean.

Financials quiet but positive. Bank of America up 1.88% at 62.32.

Tesla down 1.71% at 348.75. No catalyst in the data. Just red.

Futures: SPY off 0.23%, QQQ down 0.65%. Small caps getting the worst of it — IWM down 1.35%. Dow barely touched, DIA off 0.03%. VIX sitting at 14.43. Not panicked. Not calm. Somewhere in the middle.

Gold down 1.73%. Risk-off commodity not behaving like a risk-off day. Worth watching.

Asian markets unavailable overnight. No economic data on the calendar today. Earnings on deck: FRO reports before the open, EPS estimate 2.62. CANG reports after close, estimate negative 0.918. AIJTY, CCG, CISS, and HZRBY also reporting — no firm estimates in the feed.

The setup: semis weak, mega-cap tech resilient, small caps taking the most heat. Futures confirm the softness but not a collapse. The market is choosing its spots this morning.

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