There are only a couple of reasons I can think of a way that would be the case:
1. You have applied a preset which sets the highlights to -100.
2. Your default settings for the camera have been changed so that the highlights are reduced.
Does this happen with every raw file? Did this just started happening?
Thanks Jim. The camera settings are the same as always and there doesn’t appear to be a preset involved. This started with my last two imports. I will reset everything and try some test imports. Thanks.