The rotation I talked about yesterday continues, the S&P 500 closed down pressured by tech weakness and concerns over AI disrupting traditional software models. Microsoft is down 26% from its high, Nvidia is down 15%, Tesla is down 16%, Meta is down 14%, Oracle is down 55%, Amazon is down 8%, Apple is down 7%. Yet the S&P is only 1% from its all-time high. The big tech that have been driving the bull market are underperforming the S&P 500, a classic sign of a top. Only Alphabet is tracking the S&P 500 closely. All eyes are on Alphabet, which reports Q4 results after the closing bell. Options markets are pricing in a potential move of over 5% for the stock. We also have the ADP employment report at 1.15pm and ISM non-manufacturing PMI at 3pm.