Semis are running the table this morning and small caps are bleeding — pay attention to that split.

Semis are running the table this morning and small caps are bleeding — pay attention to that split.

Futures first. SPY up 0.55, QQQ up 0.46. Asian markets unavailable overnight. VIX sitting at 15.98 — calm. Gold down 1.07%, risk-on tone is clear. IWM down 0.72% while large caps lift. That divergence is worth watching all session.

No economic calendar today. Clean tape.

Now the stocks.

Broadcom up 3.67% to 375.81. Semis leading. AMD up 2.8% to 649.42, riding the same wave. These two are pulling the sector. Intel down 3.18% to 112.50 — not participating, and that gap from the rest of the chip space is widening. Watch it.

Salesforce down 2.09% to 224.99. Enterprise software getting hit while everything else floats. That's a solo move, not a sector story.

Walmart up 2.03% to 107.20. Retail holding up. Amazon up 1.95% to 256.29, moving in the same direction — consumer isn't dead this morning.

Netflix up 1.76% to 68.69. Steady. Oracle up 1.61% to 144.77. Cloud infrastructure names quiet but green. Costco up 1.32% to 935.68 — consumer discretionary adding to the retail read. Eli Lilly up 1.26% to 1,157.49, healthcare quietly tagging along with the green tape. Microsoft up 0.78% to 529.30. UnitedHealth down 0.60% to 376.32 — only major healthcare name not playing ball today.

Earnings this morning: AMBK, ANGO with a negative EPS estimate of minus eleven cents, BYRN with a negative estimate of minus sixteen cents, CIBH, CNBB, and CYDY. None of these move the broader market but know what's reporting.

The read today: semis bullish, large caps supported, small caps lagging, gold fading, and Salesforce is the odd one out in tech. No macro data to shift the tape mid-session. What you see pre-market is likely what you trade.

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