Tesla down five point nine two percent and semis are running — that rotation is already in motion before the bell rings.

Tesla down five point nine two percent and semis are running — that rotation is already in motion before the bell rings.

Tesla, three fifty four and change, off nearly six. That's the lead. Netflix down five point three five, sitting at seventy eight twenty five — two big names bleeding out while chips catch a bid. AMD up four point six nine, four seventy seven fifty seven. Intel up four point five one, ninety five eighty. Semis are the story this morning and the money trail is not subtle. Oracle up three point zero eight, one fifty eight seventy eight — enterprise tech quietly joining the move.

Then the other side of the ledger. Apple down two point five one, three nineteen ninety seven. Microsoft down two point zero four, four ninety nine seventy. Salesforce down one point nine seven, two fifty nine twenty three. Mega-cap tech is giving ground while semis take it. That split says everything about where the money moved overnight.

One more worth flagging — energy pulling back while this rotation runs. XOM off one point six nine. Confirms the flow. Risk-on but narrow.

Futures: SPY off zero point three nine. QQQ up zero point one eight — that divergence lines up with exactly what the individual names are showing you. DIA down zero point five three. IWM up zero point two eight. Small caps holding. VIX at fifteen twenty four — calm. Gold up one point zero six. Safety bid is quiet but present.

Labor Day. No economic data. Thin tape. Thin markets don't warn you.

Earnings: ABM reports before the open, estimate one oh two forty four. ALZN before the open, estimate negative sixty eight thirty four. ANIX before the open, estimate negative eight seventy seven. AVO reports after the close, estimate eleven sixty two. ADSE and AEF also on the calendar with no consensus figures posted.

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