Market News : The Market Story
Fear of Commitment Hits Wall Street as Major Averages Slip
By Diane Hess
Staff Reporter
7/23/01 10:33 AM ET
(Updated from 10:16 a.m. EDT)
At 10:35 a.m., the Dow Jones Industrial Average was down 43 points, or 0.4%, to 10,534. The Nasdaq Composite Index was losing 4 points, or 0.2%, to 2025. The S&P 500 was down 4 points, or 0.4%, to 1207.
The 10-year benchmark Treasury note was down 4/32 to 98 29/32, yielding 5.144%.
Tech stocks were slightly lower, blue-chips were slowly giving up more ground, and market-watchers warned this morning that more earnings hurdles could be ahead.
"The market looks like it can rebound," said Peter Coolidge, managing director of trading at Brean Murray Foster Securities. "But if companies offer a negative earnings outlook as the week goes on, it will be a drag."
On Friday, investors pulled back after software giant Microsoft (MSFT:Nasdaq - news - commentary) warned about lower-than-expected earnings and revenue for the current quarter. For the week, the Nasdaq Composite closed off by 3% -- retracing much of the previous week's 4% rally.
PAROCORP