Despite the news flow Friday morning, the big investor story is not Tesla (TSLA) CEO Elon Musk smoking weed and sipping whiskey on Joe Rogan's podcast. Nope, it's actually how the market is reacting to certain news.

The market acts weak on growing rumors of new U.S. tariffs on China. The market acts weak on a semiconductor executive hinting at a slight third-quarter growth slowdown. Facebook (FB) loses another 3% on Thursday after getting hit Wednesday on the Sheryl Sandberg testimony. While the bulls will point to a healthy Corporate America, it's becoming increasingly hard for them to ignore the market's movements so far in September.

Call for the life jackets.

What to Watch

Along with that adorable puppy, tech stocks deserve all of your attention Friday. The Philadelphia Semiconductor Index, a measure of chip stock performance known as the SOX, dropped 2.5% on Thursday on dreary comments from KLA-Tencor's (KLAC)  Chief Financial Officer Bren Higgins.

"It feels [December quarter] like it will be up a little less than what we thought and we had indicated the second half of the company vs. the first half from a shipment perspective," Higgins said at the Citi Global Technology Conference, according to a transcript. "From a shipment perspective it would be flat to up low single digits, and I think right now given what I see today, it's probably flat to down a few single digits or so." KLA-Tencor shares plunged 11% on Thursday. Micron (MU) dropped 9%, while Advanced Micro Devices (AMD) shed 3%.

The mounting short-term chip bearishness is starting to weigh on the broader Nasdaq Composite . If studying stock charts is your thing, 7,914 on the Nasdaq -- the 50-day moving average -- is in focus as must hold. Should it not hold, a break below to the late August lows under 7,900 is highly probable.

Words of wisdom: The tech sector is defenseless against the rash of September selling, TheStreet's founder Jim Cramer said Thursday. Cramer said the desire to sell winners (this time that would be tech) in September is often very strong. 

Around TheStreet

Step right up and learn how to invest successfully on Oct. 13. Jim Cramer and the team here at TheStreet will host their latest all-day investing education extravaganza in New York. The first one held several months ago was standing room only, and this one will be as well. Having been in the trenches on planning this, I can say that you will absolutely leave the event as a better investor. Headlining the event: Cramer will talk exclusively with Constellation Brands (STZ)  President and Chief Operating Officer Bill Newlands and Canopy Growth (CGC) CEO Bruce Linton.

Yes, that means an in-depth dive into the exploding world of cannabis investing. Quickly register for the event here, it will be the bomb.

Staying on the vice theme, Pernard Ricard Chairman and CEO Alexandre Ricard told me it's not getting any easier being a company that operates in 86 countries amid rising geopolitical tensions. The owner of Absolut and Jameson has had to raise prices, but has managed through the environment successfully by ramping up innovation. Ricard said he hasn't seen a slowdown in the key Chinese market yet despite a cooling economy.

TheStreet's September 'Trading Strategies' live show on Thursday offered up an impressive amount of top insight into the markets. Watch the recap of the show here.

@EricJhonsa wrote how he thinks Micron's brutal selloff Thursday isn't panic selling