(Updated from 10:20 a.m.)

An earnings warning from electronics-component maker

SCI Systems

(SCI) - Get Report

and negative comments on semiconductors from

BancAmerica

and

Morgan Stanley Dean Witter

were putting pressure on tech bellwethers and stinking up tech this morning.

But the indices have sported wild intraday swings of late, and it was unclear where they'll end the day. Earlier this morning, it looked like tech stocks might get another bounce, and the

Nasdaq Composite Index tried for a turnaround shortly after the bell. It lately was up 17 to 3867.

The

Dow Jones Industrial Average was getting beaten up by tech bellwethers

Hewlett-Packard

( HWP) and

Intel

(INTC) - Get Report

. H-P was down 3.6% -- due to continued worries about its plans to acquire

PricewaterhouseCooper

-- slashing some 33 points from the Dow. Intel was 3.5% lower, slicing over 13 points from the blue-chip benchmark index. The Dow was lately 29 lower to 11,204.

The

S&P 500 was up 0.8 to 1483, the Russell 2000 was 0.3 higher to 533 and TheStreet.com Internet Sector index was up 6.7 to 800.

SCI cut its first-quarter profit forecast this morning, citing weakness in consumer electronics and dead PC-demand. This was bad news for box-makers like

Compaq

( CPQ) and

Dell

(DELL) - Get Report

, down 2.4% and 0.2%, respectively. The latter was one of the most actively traded on the Nasdaq exchange.

Tech bellwethers

TheStreet Recommends

Intel

(INTC) - Get Report

and

Cisco

(CSCO) - Get Report

were also among the most active on the Nasdaq, off 3.2% and up 1.9% respectively.

Though it was yesterday's news,

Chase Manhattan's

( CMB) $33.2 billion acquisition of

J.P. Morgan

(JPM) - Get Report

continued to be a big item for today's market, and Chase was lately the most active stock traded on the New York Stock Exchange.

Chase was lately down 5.4% to $49.88, while J.P. Morgan was down 4% to $177.81.. The deal values Morgan at $207 a share based on Chase's closing price yesterday.

Lehman Brothers

( LEH) and

Merrill Lynch

( MER), other brokerages considered merger targets, were falling on the mega-merger news.

TheStreet.com

wrote an article about the

details of the deal that also analyzes what the merger means for the

companies.

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Sector Watch

Semiconductors were lately getting a lift, with the

Philadelphia Stock Exchange Semiconductor Index

up 1.3%.

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Bonds/Economy

The 10-year Treasury note was lately up 5/32 at 99 30/32 and yielding 5.758%.

Yesterday, treasuries remained flat in high-volume trading.

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