The

Nasdaq Composite Index

responded to

yesterday's rally by falling 3.5% today, as the tech sector led a broad-based swoon.

Meanwhile,

CNBC

reported this afternoon that influential

Merrill Lynch

semiconductor analyst

Thomas Kurlak

has resigned from the firm and is going to go to work at

Tiger Management

, a hedge fund.

The Nasdaq Comp fell 83.61 to 2321.94, led down by

Dell

(DELL) - Get Report

, which crashed 12, or 11.8%, to 89 15/16. In a report today,

BancBoston Robertson Stephens

analyst Dan Niles, wrote: "We believe Dell's finish to the quarter was soft, leading to revenues of $5.2 billion relative to our $5.5 billion expectation. During Q4, we believe that the competitive pressure intensified, especially in the corporate market." He also set a near-term price target on Dell of $80 a share.

Internet stocks relinquished a big chunk of the gains they enjoyed yesterday.

TheStreet.com Internet Sector

tumbled 22.03, or 4.4%, to 483.18.

TheStreet.com E-Commerce Index

dropped 4.90, or 4.7%, to 100.16.

Meanwhile, the

Dow Jones Industrial Average

stumbled 88.57, or 1%, to 9274.89. The

S&P 500

dropped 23.87, or 1.9%, to 1230.17. The

Russell 2000

shed 7.72, or 1.9%, to 398.44.

The Dell news and a horrible day for Treasuries contributed to today's stock selloff.

Elsewhere in the news, as expected, the

Senate

voted to acquit

President Clinton

on the impeachment charges brought against him, ending the second impeachment trial in U.S. history.

Treasuries were crushed in their shortened trading session. The long bond said goodbye to 1 27/32, boosting its yield to 5.43%, the highest since Aug. 24. It closed at 97 13/32. (For more on the carnage in the bond market, see today's

Bond Focus.)

On the

New York Stock Exchange

, decliners clobbered advancers 2,227 to 800 on 687 million shares. On the

Nasdaq Stock Market

losers pounded winners 2,511 to 1,417 on 837 million shares.

On the NYSE, 157 issues set new 52-week lows while 13 touched new highs. On the Nasdaq, 80 issues set new lows while new highs totaled 29.

Most active on the Big Board was

Compaq

(CPQ)

, with 14.1 million shares changing hands. It was down 1 15/16 to 42 7/8.

On the Nasdaq, Dell was most active on volume of 66.3 million shares.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup.

3:03 p.m.: Nasdaq Continues to Lead March Lower

Stocks continued to suffer huge losses after yesterday's rally as the

Nasdaq Composite Index

was posting its biggest percentage loss on the day heading into the final hour of trading.

The Nasdaq Comp was down 73 to 2333, leading the way on the downside as it did yesterday when it led to the upside. Internet stocks were giving up a chunk of ground today too after yesterday's sharp gains.

TheStreet.com Internet Sector

was down 19 to 487.

TheStreet.com E-Commerce Index

was down 4 to 101.

Elsewhere, the

Dow Jones Industrial Average

was down 97 to 9266.

The

S&P 500

was down 24 to 1230. The

Russell 2000

was down 8 to 399.

The 30-year Treasury bond was down 1 27/32 to 97 13/32, yielding 5.43%.

Weakness in stocks today has been blamed on several factors, including jitters that

Dell

(DELL) - Get Report

won't meet revenue expectations when it reports earnings next week and a tumbling Treasury market.

Harry Laubscher, market analyst at

Tucker Anthony

, quipped that yesterday's and today's swings are no different than what the market has experienced for the last six months.

Laubscher noted that recently there is more and more money going out of high-tech stocks and moving into cyclicals and other out-of-favor sectors. However, that isn't happening today as cyclical stocks are tumbling. Speaking of out-of-favor sectors, Internet stocks at one time belonged in that category, he noted.

He added that that rotation doesn't mean techs are finished, but he added that he thinks they've seen their highs for the year.

On the

New York Stock Exchange

, decliners were beating advancers 2,237 to 724 on 543 million shares. On the

Nasdaq Stock Market

losers were beating winners 2,541 to 1,251 on 666 million shares.

On the NYSE, 142 issues had set new 52-week lows while 10 had touched new highs. On the Nasdaq, 69 issues had set new lows while new highs totaled 23.

On the Big Board,

Compaq

(CPQ)

was most active with 12 million shares changing hands. It was down 1 11/16 to 43 1/8.

On the Nasdaq, Dell was most active on volume of 54 million shares. It was down 10 9/16, or 10%, to 91 3/8.

1:56 p.m.: Stocks Fall Further into Negative Territory

The major stock gauges remained sharply lower as Treasuries crumbled, while, as expected, the

Senate

voted to acquit

President Clinton

on the impeachment charges brought against him.

The

Nasdaq Composite Index

led the way on the down side, dragged sharply lower by

Dell

(DELL) - Get Report

. The Nasdaq Comp was down 80, or 3%, to 2326. Dell fell on worries it won't meet revenue expectations when it reports earnings Tuesday.

The

Dow Jones Industrial Average

was down 114 to 9250. The

S&P 500

was down 26 to 1228. The

Russell 2000

was down 8 to 398.

TheStreet.com Internet Sector

was down 22 to 484.

TheStreet.com E-Commerce Index

was down 5 to 101.

The 30-year Treasury bond was down 1 26/32 to 97 15/32, yielding 5.42%.

On the

New York Stock Exchange

, decliners were beating advancers 2,144 to 1,190 on 390 million shares. On the

Nasdaq Stock Market

losers were beating winners 2,495 to 1,192 on 574 million shares.

On the NYSE, 38 issues had set new 52-week lows while 21 had touched new highs. On the Nasdaq, 56 issues had set new lows while new highs totaled 23.

On the Big Board,

Compaq

(CPQ)

was most active on 11 million shares. It was down 1 9/16 to 43 1/4.

On the Nasdaq, Dell was most active on volume of 49 million shares.

Focus: Market Newcomers

Stocks making their trading debuts today were mostly flying.

Onyx Software

(ONXS)

was soaring 8, or 61.5%, to 21 after its 3.1 million-share IPO last night priced top-range by Credit Suisse First Boston.

Meanwhile,

Bottomline Technology

(EPAY) - Get Report

was up 6 1/8, or 47.1%, to 19 1/4 after its 3.4 million-share IPO last night priced top-range by BancBoston Robertson Stephens.

United Pan Europe

has surged 7 1/32, or 21.5%, to 39 13/16 after Goldman Sachs priced its 40 million-share IPO at $32.78 a share this morning.

Meanwhile, stocks that debuted yesterday were not faring as well.

Gabelli Asset Management

(GBL) - Get Report

which debuted yesterday, was down 5/16 to 17 1/2.

Korn/Ferry

(KFY) - Get Report

was down 1 5/16, or 10.1%, to 11 11/16.

Healtheon

(HLTH)

was down 3, or 9.6%, to 28 3/8.

VerticalNet

(VERT)

was down 3 3/16, or 7%, to 42 5/8.

Catapult Communication

(CATT)

was down 1/2 to 12 7/16.

12:52 p.m.: Midday Musings: Volatility Rules the Day as Nasdaq Leads a Skid

11:58 a.m.: Stocks Slump Continues

Several negatives weighed on the market today as the major market gauges slumped sharply, while gold mining stocks were sharply higher.

Concerns

Dell's

(DELL) - Get Report

revenue won't meet expectations when it reports earnings on Tuesday (more on that below), a tumbling Treasury market, and jitters by some players about going into the long weekend long were said to pressure the market.

A jump in gold prices helped boost the gold mining stocks. The

Philadelphia Stock Exchange Gold and Silver Index

was up 3%.

Meanwhile in Washington, the

Senate

is widely expected to vote today to acquit

President Clinton

on two impeachment charges.

The

Dow Jones Industrial Average

was down 28 to 9335. The

S&P 500

was down 12 to 1242.

The

Nasdaq Composite Index

was down 50, or 2%, to 2356. The

Russell 2000

was down 5 to 401.

TheStreet.com Internet Sector

was down 10 to 495.

TheStreet.com E-Commerce Index

was down 3 to 102.

The 30-year Treasury bond was down 1 9/32 to 97 31/32, yielding 5.39%. (For more on the fixed-income market, see today's early

Bond Focus.)

On the

New York Stock Exchange

, decliners were beating advancers 1,961 to 781 on 301 million shares. On the

Nasdaq Stock Market

, losers were beating winners 2,144 to 1,190 on 390 million shares.

On the NYSE, 96 issues had set new 52-week lows while 6 had touched new highs. On the Nasdaq, 38 issues had set new lows while new highs totaled 21.

On the Big Board,

Philip Morris

(MO) - Get Report

was most active with 7 million shares changing hands. It was up 3/8 to 40 3/4.

Tech Focus

Among some of the tech indices, the

Philadelphia Stock Exchange Semiconductor

Index was down 2%, the

Philadelphia Stock Exchange Computer Box Maker Index

was down 4%. The Morgan Stanley High-Tech 35 was down 2%. The Nasdaq 100 was down 2%.

As for Dell, it was the biggest loser on the Nasdaq and also most active on volume of 38 million shares.

Before everyone gets out their handkerchiefs for poor 'ole Dell's stock, consider this: On Feb. 11, 1998, Dell closed at $27.563. Today, Dell was down 9 1/8, or 9%, to 92 3/4. Dell hit a 52-week intraday high of 110 on Feb. 2.

In a report today,

BancBoston Robertson Stephens

analyst Dan Niles, wrote: "We believe Dell's finish to the quarter was soft, leading to revenues of $5.2 billion relative to our $5.5 billion expectation. During Q4, we believe that the competitive pressure intensified, especially in the corporate market." He also set a near-term price target on Dell of $80 a share.

Dell reports earnings on Tuesday. According to the 31-analyst

First Call

view, Dell is expected to earn 31 cents a share.

"Though we believe that Dell's business model is still the best in the industry, we believe that growth is slowing for Dell given flattening component costs and increased direct competition," Niles wrote.

11:01 a.m.: Dell Loss Sends Nasdaq Falling

Projections of fourth-quarter revenue coming in below expectations at tech titan

Dell

(DELL) - Get Report

helped send the

Nasdaq Composite Index

tumbling after yesterday's rally, which saw the index post its largest single-day point increase in its history.

Negative comments about Dell's revenue picture from

Salomon Smith Barney

and

BancBoston Robertson Stephens

sent shares of Dell sharply lower. It was down 8 15/16, or 9%, to 93.

BancBoston today said in a report: "We believe Dell's finish to the quarter was soft, leading to revenues of $5.2 billion relative to our $5.5 billion expectation. During Q4, we believe that the competitive pressure intensified, especially in the corporate market." The firm set a near-term price target on Dell of $80 a share.

The Nasdaq Comp was down 70 to 2336.

The

Dow Jones Industrial Average

was down 61 to 9303.

The

S&P 500

was down 18 to 1236. The

Russell 2000

was down 6 to 400.

Internet stocks were surrendering some of yesterday's eye-popping gains.

TheStreet.com Internet Sector

was down 19 to 486.

TheStreet.com E-Commerce Index

was down 4 to 101.

In Washington, the

Senate

is widely expected to vote to acquit

President Clinton

today.

Peter Cardillo, chief strategist at

Westfalia Investments

, said the market's weakness was due in part to profit-taking after yesterday's run-up, the weakness in bonds and "nervous bellies" going into the long holiday weekend. The financial markets will be closed Monday for President's Day.

The 30-year Treasury bond was down 29/32 to 98 12/32, yielding 5.36%. The bond market closes early today ahead of the long weekend.

On the

New York Stock Exchange

, decliners were beating advancers 1,939 to 675 on 212 million shares. On the

Nasdaq Stock Market

losers were beating winners 2,095 to 973 on 278 million shares.

On the NYSE, 71 issues had set new 52-week lows while 3 had touched new highs. On the Nasdaq, 30 issues had set new lows while new highs totaled 17.

On the Big Board,

Philip Morris

(MO) - Get Report

was most active with 6 million shares changing hands. It was down 1/8 to 40 1/4.

On the Nasdaq, Dell was most active on volume of 31 million shares.

10:01 a.m.: Stocks Mostly Lower After Thursday's Big Rally

Stocks were mostly lower early on with

Dell

(DELL) - Get Report

leading the

Nasdaq Composite Index

down as the index gives up some of the ground it gained yesterday.

Negative comments about Dell's revenue picture from

Salomon Smith Barney

and

BancBoston Robertson Stephens

sent shares of Dell sharply lower. It was down 6 7/8, or 7%, to 95.

The Nasdaq Comp was down 29 to 2376.

Elsewhere, the

Dow Jones Industrial Average

was up 25 to 9388. The

S&P 500

was down 3 to 1251. The

Russell 2000

was down 2 to 404.

TheStreet.com Internet Sector

was down 9 to 496.

TheStreet.com E-Commerce Index

was down 3 to 102.

The 30-year Treasury bond was down 1 4/32 to 98 14/32, yielding 5.37%.

Most Up at Open -- NYSE

Vodafone (VOD) - Get Report, up 2 to 181 1/2

.

Most Up at Open -- Nasdaq

United Pan Europe , up from its offering price of $32.78 to 43

:

Goldman Sachs

priced the 40 million-share IPO at $32.78.

Most Down at Open -- NYSE

IBM (IBM) - Get Report, down 3 to 176 1/4

.

Most Down at Open -- Nasdaq

Dell (DELL) - Get Report, down 7 3/8 to 94 1/2

: BancBoston Robertson Stephens said in a note: "We believe Dell's finish to the quarter was soft, leading to revenues of $5.2 billion relative to our $5.5 billion expectation. During Q4, we believe that the competitive pressure intensified, especially in the corporate market." The firm set a near-term price target on Dell of $80 a share.