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T3’s Take 3: The Trouble in Tech Town

1) Nasdaq in Focus

The Nasdaq gave traders a scare today with a -1.1% drop down to 6081.96 this morning.

The index made up much of the lost ground into the afternoon, but fell again into the close.

The suddenly-struggling Nasdaq is clearly making traders a little more skittish.

As you can see, the VIX is certainly stair-stepping higher:

The major indices all followed the Nasdaq down, with the Russell 2000 underperforming.

We also saw weakness in the key biotech sector.

Crude oil rose after on a better-than-expected inventory report, but energy stocks were unable to get in the green.

General Electric (GE) fell over -4% after JP Morgan issued a bearish note on the industrial giant.

Tesla (TSLA) took a big beating for the second day in a row as traders worry about the sales potential of the new Model 3.

Meanwhile, tech and momentum bellwether Nvidia (NVDA) powered up after Bank of America/Merrill Lynch said demand for Nvidia graphics cards remains strong.