SPY is little changed, up 0.1% pre-market, masking wide sector dispersion. Financials lead at +1.1%, broad-based with Morgan Stanley, Bank of America and Wells Fargo each up 1.6%. Technology is the weakest sector at -1.0%, dragged by heavy semiconductor selling. Consumer Discretionary is roughly flat at +0.2%, with TJX Companies up 1.6% and Expedia down 4.2%, the sector's worst performer. Health Care gains 0.7%, led by Edwards Lifesciences up 3.3%. Materials is flat overall but Albemarle jumps 4.4%. Energy adds 0.4%.

Among factors, EFV spikes 9.8%, a sharp outlier versus the rest of the factor set. Equal-weight exposure via RSP rises 0.5% while momentum and growth factors lag, with MTUM down 0.5% and VUG down 0.2%.

In mega-cap growth, Qualcomm is the standout decliner, down 10.3%, with AMD off 2.5% as semiconductor names broadly underperform the cohort. Bank of America and TJX Companies top the group.

Among other sector ETFs, Communication Services gains 1.4% while semiconductor-focused funds confirm the sector weakness, with VanEck Semiconductor ETF down 2.0% and iShares Semiconductor ETF down 2.2%.

Semiconductor names dominate the loss column alongside two sharp single-name drops in software and packaging, while gold and rare-earth miners catch a bid.

• Applovin Corporation +16.1%
• PDD Holdings +3.5%
• Coherent Corp +3.4%
• Texas Pacific Land +2.8%
• Cardinal Health +2.7%
• Jack Henry & Associates -10.7%
• Fair Isaac -8.6%
• Amcor -8.0%
• Mercado Libre -5.5%
• Arm Holdings -4.2%

Among thematic funds, iShares Genomics Immunology and Healthcare ETF gains 3.2% while iShares A.I. Innovation and Tech Active ETF falls 2.9%. Regionally, iShares MSCI Taiwan ETF drops 3.9% and iShares MSCI South Korea ETF falls 3.4%. In commodities, VanEck Rare Earth and Strategic Metals ETF rises 4.0%, with gold and silver miner funds also higher.

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