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
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
, who is widely blamed for the country's economic weakness, has refused to resign as he was supposed to this weekend.
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
high-profile profit warning last week,
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
and software giant
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.