The Midday 10

UP Dell Technologies

DELL adds 10.32% to 445.87 by midday, the session's standout large-cap move. No specific catalyst is in the FACTS, but the size of the move keeps it at the top of the tape.

UP Big Tree Cloud Holdings

DSY rises 9.22% to 3.14, reclaiming its 50-day average intraday — a notable technical recovery for a name at that price level.

UP Avino Silver & Gold Mines

ASM gains 6.87% to 6.46, moving in step with broad precious-metals strength — Gold (GLD) is up 1.57% on the same tape.

DOWN UiPath

PATH falls 12.25% to 10.57, slipping below its 50-day average intraday after opening the day above it — a clean technical break that compounds the software sector's session-wide weakness.

DOWN AAR Corp.

AIR drops 10.22% to 126.95 by midday with no additional context in the FACTS. The move stands out against an Industrials sector that is otherwise up 0.44%.

DOWN Reddit

RDDT sheds 8.79% to 169.50, also crossing below its 50-day average after starting the day above it — a second software-adjacent name losing that line on the same session.

BOARD ETF board

Utilities lead all sectors at 1.86%, with Materials at 1.40% and Energy at 1.11% — the defensive and commodity end of the board — while Software (IGV) is down 2.67% and Cloud (CLOU) down 2.99%, the session's worst. Semis (SMH up 1.06%, SOXX up 1.09%) are firmly positive, making the semis-versus-software split the sharpest internal story; Fabless semis (SMHX) at 1.43% is the strongest sub-slice. Russell 2000 (IWM) at -0.59% lags SPY at 0.21% and DIA at 0.38%, while Nasdaq-100 (QQQ) is flat at -0.01%.

LEVEL Staples back above 50-day

Staples trades back above its 50-day average of 84.18 at midday — a defensive reclaim that fits the session's rotation toward Utilities, Staples, and Materials. It reinforces the risk-off character of what is otherwise a marginally positive headline tape.

PRINT The four-print night — the tape leans before the verdict

All four of tonight's reporters trade lower into the prints: Alphabet near flat at 346.60 (−0.2%), Tesla −1.0%, IBM −2.2% — and ServiceNow −6.8%, the agentic bellwether sold hardest on the same tape that is selling software broadly. Intel, which reports tomorrow night, gives back 1.5% of yesterday's 8.6% run. Positioning into the biggest report evening of the season is defensive on the software side and calm on Alphabet — the capex verdict everything upstream trades on arrives after the close.

THREAD Software still won't confirm

This morning's Morning 10 flagged the yin-yang day-three read — software still won't confirm — and by midday that call is holding precisely: Software (IGV) is down 2.67% and Cloud (CLOU) down 2.99%, while semis extend on the other side of the ledger. Nothing in the midday tape changes that read.