No Power and "traction active" message
 

I have two problems and believe they may be connected but not sure how. From a standing stop my 2003 Hummer H2 will lose all power even with the gas pedal to the floor, and some times i see a display message "traction active" and I will hear some noise.
sometimes the ABS light and traction off light come on.
how serious this issue and how can i fix it.
i wanna know before i take it to the dealer not to be over charged.

Thats normal if you are on a slippery surface. If this in happening on dry pavement you got problems.

If your on a slippery surface like gravel, mud, snow, wet conditions etc... and you stomp the gass the tires are going to slip. Traction controll is going to kick in to keep the tires from spinning and cut down the throttle at the same time.