Tech is split down the middle this morning and that gap tells you exactly where the pressure is.

Tech is split down the middle this morning and that gap tells you exactly where the pressure is.

Asian markets — no data available. Moving on.

Futures are mixed. SPY down 0.12. QQQ up 0.63. That divergence is the whole story right now — large-cap tech holding while the broader market softens. VIX sitting at 14.86. Calm, not complacent. Gold off 0.54%.

ETFs back that up. IWM down 0.47. DIA down 0.48. Small caps and industrials bleeding while Nasdaq stays green. Rotation pressure is real.

Now the stocks.

Netflix down 4.67%, sitting at 71.79. That's the biggest single-name move this morning and it's ugly. Broadcom up 2.97% to 357.61 — semis catching a bid. AMD up 2.7% at 559.82, riding that same wave. Nvidia up 1.34% to 222.27 — quieter than its peers but still green. Amazon up 1% to 253.71, steady.

Now the red side. Meta down 2.43% to 665.75 — no specific catalyst, just selling. Salesforce down 2.03% to 237.92 — enterprise software getting hit. Oracle off 1.98% to 147.61 — same sector, same pressure.

Software is getting sold. Semis are getting bought. That's the trade this morning.

Nothing on the economic calendar today. Clean tape for price discovery.

Earnings worth watching. AutoZone reports before the open — estimate is 54.80 EPS. Ferguson also pre-market, estimate 2.48. Miller Knoll before the open at 0.36. KB Home and AYTU report after the close. KB Home estimate is 0.90 — homebuilders have been sensitive to rate talk, watch the reaction. RWWI also after close with no estimate available.

No crypto. Not our lane.

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