Semis ran the table today and Salesforce got left behind.

Semis ran the table today and Salesforce got left behind.

Intel up 9.05%, closing at 104.47. Whatever's moving in that name, the market bought it hard. AMD up 5.9% to 505.74 — semis were the story today, full stop. Broadcom added 2.98% to 368.56, quiet but consistent. The chip sector did not come to play — it came to win.

Tesla up 3.98% to 368.16. No obvious catalyst, momentum carried it. Oracle up 2.36% to 162.52, steady as ever off the AI infrastructure trade.

Now the other side. Salesforce down 3.9% to 249.12. That's a meaningful drop in a name that's supposed to be an AI beneficiary — market's not buying the story right now. Eli Lilly off 2.21% to 1,123.91, giving back ground after a big run. Nvidia down 2.01% to 225.73 — even the crown jewel took a hit today.

Netflix dropped 1.89% to 76.77. JPMorgan off 1.43% to 353.51. Apple down 1.17% to 316.22. Microsoft shed 1.15% to 493.95. When the mega-caps bleed together like that, it's not noise — that's rotation out of growth, into the names that actually moved today.

Futures are soft. SPY down 0.55%, QQQ barely negative at 0.08%. VIX sitting at 15.72 — not panicked, but not calm either. Gold off 0.24%, nothing to flag there. Small caps and the Dow both red — IWM down 0.45%, DIA down 1.13%. The Dow's underperformance stands out.

Asian markets — no data available tonight.

Nothing on the economic calendar tomorrow. Clean tape.

Earnings to watch: Adobe reports after the close — EPS estimate is 6.20, that's the number to beat. Copart also reports after hours, estimate at 39 cents. Alliance Entertainment and Bioxcel round out the after-close slate. Keep Adobe on your radar — it moves on earnings and the AI narrative is directly in play for that name.

Bottom line: semis dominated the session, software struggled, and the mega-cap growth names handed back gains in a way that deserves attention. Adobe after the bell is the next real test.

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