Tech is getting hit from multiple angles this morning and the small caps are bleeding worst of all.

Tech is getting hit from multiple angles this morning and the small caps are bleeding worst of all.

Futures first. SPY down 0.72. QQQ down 0.84. IWM getting the worst of it — down 1.84. DIA off 0.71. VIX sitting at 16.1. Not panic territory, but elevated enough to watch. Gold down 0.56. Risk-off without a safe haven bid — that's a tighter squeeze than the headlines suggest.

Asian markets unavailable this morning. No economic data scheduled today. Calendar is clean.

Now the tape.

Google down 3.8%, sitting at 337.83. Biggest mover on the board and it's dragging the whole ad-tech complex with it. Oracle down 3.11% at 144.56 — cloud names are not finding shelter anywhere this session. Broadcom down 2.62% at 354.99. Amazon off 2.24% at 249.27. That's four large-cap tech names all moving the same direction.

Chips specifically — Nvidia down 1.47% at 225.51. AMD also down 1.47% at 614.61. Exact same percentage loss. Two of the biggest names in AI silicon moving in lockstep is a sector signal, not a coincidence. Intel down 1.02% at 122.60, adding to the semiconductor pressure across the board.

Eli Lilly down 1.64% at 1150.99 — healthcare not immune today.

Now the green. Salesforce up 1.84% at 237.58. Exxon up 1.59% at 161.23. Energy and enterprise software are the only places finding buyers this morning. Meta up 1.02% at 744.10 — modest, but notable given how hard the rest of megacap tech is getting hit. Netflix down 1.11% at 71.36 — streaming getting clipped alongside the broader growth selloff.

Earnings today. Before the open: BXMT, EPS estimate 0.2731. TBN, estimate negative 0.1654. FGPR, AFB, and BTOC also reporting pre-market with no estimates attached. After the close: Costco. EPS estimate 6.6561. That's the number retail and institutional traders watch — Costco after the bell sets the tone for consumer sentiment heading into Friday.

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