Are you sitting down? You ought to be before you take a look at today's market. For the first time in more than two years, the Nasdaq Composite Index is trading below 2000. As a bombardment of profit warnings have crippled its large-cap components in recent days, the technology-laden measure is now down more than 60% from its Mar. 10, 2000 record high of 5048.

In recent action, the blue-chip

Dow Jones Industrial Average had tumbled more than 200 points, with

IBM

(IBM) - Get Report

,

Microsoft

(MSFT) - Get Report

and

J.P. Morgan

(JPM) - Get Report

the biggest losers.

Today's losses come as Japanese stocks plunged to their weakest level since 1985. The yen fell to a 20-month low against the dollar today, amid concerns that the Japanese government will be unable to restore economic growth. Prime Minister

Yoshiro Mori

, who is widely blamed for the country's economic weakness, has refused to resign as he was supposed to this weekend.

Shares of

Cisco Systems

(CSCO) - Get Report

traded down 8.5% to $18.88, after the company announced plans on Friday to cut its workforce by as much as 15%. This morning,

Credit Suisse First Boston

lowered its 2001 earnings per share estimate for the stock to 53 cents per share from 60 cents per share.

On the heels of

Intel's

(INTC) - Get Report

high-profile profit warning last week,

General Semiconductor

(SEM) - Get Report

said today that it expects first quarter revenue to fall 14% to 16% below fourth-quarter levels, sending its stock down 0.9% to 9.56.

Other chipmakers to warn recently include

Altera

(ALTR) - Get Report

,

Xilinx

(XLNX) - Get Report

, and

National Semiconductor

(NSM)

.

Online auctioneer

eBay

(EBAY) - Get Report

and software giant

Microsoft

(MSFT) - Get Report

announced a joint venture to develop e-commerce applications and expand their Web presence. On the news, eBay traded down 0.7% to $33.75, while Microsoft moved lower by 5% to $53.81.