Market Update – Tech, Mega Caps and Semis Weak; Defensive Bias

1:28 p.m. ET The first paragraph of yesterday’s Daily Wrap is the first thing that comes to mind this morning, “Nvidia’s (NVDA -0.8%) earnings had little impact on the market today. I wouldn’t assume that’s the end of the story.” Nvidia is down -3.6%, facing additional pressure from news that Alibaba has designed a new…