It’s another day of carnage in technology.  We already knew good, even great, earnings weren't enough to prevent selling, so it stands to reason that earnings shortfalls – any hair in the financial report – would trigger huge selling.

That’s the case this morning.

Amazon (AMZN) disappointed on several levels, including the top line and earnings (ex-Anthropic gain).  Capex came in at $77.3 billion against consensus of $57.4 billion. In addition, guidance was lackluster.

Intel’s (INTC) results were fine in any other atmosphere but not in the current environment riddled with question marks and nonstop negativity.  But what appears to be sinking INTC this morning is a lackluster investor call.

The reactions were instant disappointment and frustration.

Sandisk (SNDK) posted a strong quarter and solid guidance, but the stock can’t escape the deluge of selling.

The NASDAQ 100 (NDX) has held at a key support point but could now be vulnerable to its 200-day moving average.

The ten-year yield continues to ease, but tremendous anxiety remains ahead of midterm elections next Tuesday.

Bouts of tech weakness this year have seen other areas of the market attract buyers, which I think is better than a wholesale flight to the sidelines.