The most crowded trades get hit first before the bell.

Nasdaq 100 futures are down 0.5%, CoreWeave is down 3.1%, and Nebius is down 2.9%. Goldman’s prime desk says hedge funds cut tech stocks last week at the fastest pace in a decade.

The rebound is still underway, but money is playing it safe first. In a selective market, there’s no broad-based rally—just a list of names.