Semis are running the show today, and the rest of the market is mostly just watching.

Semis are running the show today, and the rest of the market is mostly just watching.

Broadcom up 3.67% to 375.81 — leading the charge in chips. AMD up 2.8% to 649.42, no catalyst needed when the whole sector has momentum. Intel down 3.18% to 112.50 — the one outlier on an otherwise chip-green tape, and that gap is widening.

Salesforce down 2.09% to 224.99. Software bleeding while hardware runs. Costco up 1.32% to 935.68 — consumer discretionary holding firm at that price level is a statement. Walmart up 2.03% to 107.20, retail broadly catching a bid. Amazon up 1.95% to 256.29, quiet but consistent. Eli Lilly up 1.26% to 1157.49 — above eleven hundred and still grinding higher.

Netflix up 1.76% to 68.69. Oracle up 1.61% to 144.77. Both steady, no fireworks, just green. Microsoft up 0.78% to 529.30 — holding the line, not leading it.

SPY plus 0.55, QQQ plus 0.46. IWM down 0.72 — small caps are the tell. When small caps lag this hard on a green day, the rally is narrow. DIA plus 0.48 holds up the blue chips. VIX sitting at 15.01 — fear isn't a factor today. Gold data unavailable.

No economic data scheduled. Asian markets data unavailable.

On earnings, AMBK and ANGO report before the open. ANGO consensus negative eleven cents. BYRN also before the open, consensus negative sixteen cents. CIBH, CNBB, and CYDY on the calendar with no estimates published.

The through-line today: semis up, software down, small caps lagging. Lilly and Costco adding weight to the bull side. Intel is the one name swimming against the current and doing it badly.

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