Tech is green, semis are leading, and Intel is getting left behind.

Tech is green, semis are leading, and Intel is getting left behind.

Futures first. SPY up 0.67, QQQ up 0.88. VIX sitting at 15.31 — calm. Gold up 1.04. Asian markets unavailable tonight. ETFs confirm the tone: QQQ and SPY lead, IWM up 0.66, DIA barely moves at 0.20.

No economic data on the calendar today. Clean tape.

Now the stocks.

Tesla up 2.2% to 378.73. Momentum. Nvidia up 2.12% to 238.90. Semis catching a bid. Broadcom up 2.08% to 362.51 — running with Nvidia, not chasing it. Meta up 1.9% to 741.90. Tech breadth is real today. UnitedHealth up 1.8% to 378.58. Healthcare quietly holding its own. Microsoft up 1.48% to 525.18. Steady.

Intel down 2.63% to 116.19. While every other name in the sector moves up, Intel drops. That's a problem specific to Intel, not to semis. Salesforce down 2.09% to 229.79. Enterprise software sitting out the rally.

Two names in the red while six climb. The divergence inside tech is the story.

Earnings after the close: Levi Strauss reports with an EPS estimate of 0.36 — consumer discretionary check-in. Applied Digital posts after the bell, estimate negative 0.31. Nrix also reports, estimate negative 0.61. BKSC, GLEI, and LFS round out the card with no estimates posted.

Nothing from the pre-market session to flag on Asian markets. Futures and ETFs are doing the talking, and they're saying risk is on.

Watch the semi divergence. Nvidia and Broadcom up, Intel down hard — that's a stock-specific story, not a sector story. And keep an eye on Levi after the close. Consumer names are either confirming or cracking right now, and 0.36 is the number to beat.

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