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T3’s Market Wrap: The Nasdaq Gets Anti-Social

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The Nasdaq tanked today as social media stocks took big hits.

The Justice Department said it is meeting with state attorneys general to discuss social media platforms' impact on “the free exchange of ideas.”

That sent names like Facebook (FB), Twitter (TWTR), and Snap (SNAP) sharply lower today. And in turn, the Nasdaq dropped more than -1% — showing substantial relative weakness vs. the SPX, which was down only fractionally.

Elsewhere in tech, electric carmaker Tesla (TSLA) fell big after Goldman Sachs said it may struggle to generate positive cash flow. Tesla's bonds are also under significant pressure.

Emerging markets currencies are also still under pressure, which has some traders fearing some kind of systemic calamity.

But US markets, for now at last, are still hanging tough.

The British pound gained early today after Bloomberg reported that the UK and Germany made progress on a possible Brexit deal.

However, both governments denied the report, and the pound gave up some of its momentum.

The ISM NY Index hit 76.5 in August, improving from July's 75.0 reading.

Meanwhile, the Redbook Retail Sales Index rose 0.8% last week, accelerating from 0.4%. That's no shocker considering how strong retail earnings have been.

The CBOE equity put-call ratio is 0.59. This is the 11th straight reading below the long-term average.

And the 10-day moving average is 0.577, which is also under the long-term average.

Meanwhile, CNN Money's Fear & Greed Index is 63. Fear & Greed operates on a 0 – 100 scale, and a reading of 63 qualifies as moderately greedy. (or bullish)

So it looks like traders are still moderately bullish. Perhaps they're more focused on the just-passed incredible second-quarter earnings season and strong economic numbers instead of scary-sounding political and trade headlines.

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