There's some interesting action going on in US equities today

There's some interesting action going on in US equities today. In a nutshell, the Nasdaq is getting pummeled relative to the other major indices. With about an hour left of trade, the Nasdaq is down 3% while the S&P 500 is off 1.75%. Investors are fleeing biotech and Internet stocks in droves and heading for lower risk assets. For instance, bonds and gold are both getting a boost today. What's interesting is there's nothing definitive driving this action. In fact, this morning's report shows initial jobless claims fell to 300,000 - the lowest level since May of 2007. While there are some concerns over China, the risk-off trade doesn't seem to be entirely justified at the moment. We'll see what earnings bring over the next couple weeks, but I believe this could be a decent buying opportunity in some names.