Old economy running, tech fractured — Friday delivered a split tape worth paying attention to.

Old economy running, tech fractured — Friday delivered a split tape worth paying attention to.

Futures first. SPY up 0.6%, QQQ up 0.49%, VIX at 14.84. Gold up 1.52%. Defensive money moving alongside equities — that's a hedge, not a rotation. Asian markets unavailable. No economic data on the calendar today.

ETFs confirm the tone. DIA up 0.87%, leading everything. IWM and QQQ both at 0.49%. Old economy outrunning growth on a Friday. Noted.

Now the tape.

Oracle up 4.21% to 141.40. Cloud momentum, full stop. Biggest mover of the session.

Amazon up 3.29% to 262.43. Hyperscaler conviction, no catalyst needed.

Microsoft up 2.38% to 535.07. Same AI trade, different ticker.

Apple down 1.11%. Amazon and Microsoft both ran. Apple didn't follow. That divergence inside the hyperscaler narrative is real — and this script isn't going to paper over it.

UNH up 2.25% to 379.30. Healthcare catching a bid while everything else sorted itself out.

Tesla up 2.05% to 382.70. Momentum, again.

Bank of America up 1.32%. DIA leads, financials participate — on a day where old economy outperforms, BAC moving is not a coincidence.

Intel down 2.22% to 104.70. Still under pressure. Intel and AMD both red while Oracle and Amazon green — that's the semiconductor story this week.

AMD down 2.03% to 608.10. Chips bleeding while cloud thrives.

Netflix down 1.77% to 70.30. Quiet session, quiet reason.

Earnings after the close: CCEL, estimated 3 cents. CLSD, estimated negative 27 cents. Tomorrow morning: Delta Air Lines, estimated $1.99 per share — that's the one to watch. HOVR also pre-market, estimated negative 13 cents.

Steady.

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