QQQ closed at $664.23 on Apr 27 at a record high, but is already down 0.4% in early trading 4/28. With Microsoft, Alphabet, Meta, Amazon all reporting on Wed 4/29 — the resolve day close happens BEFORE the post-market AI capex/monetization results — pre-earnings de-risking on names that drive ~40% of QQQ weight typically caps tech ETFs into the print, especially after the +18% one-month run.