Updated from 9:24 a.m. EDT

The news in the last few days has certainly not been good, but the ferocity of the market's negative reaction indicates that the worry meter on Wall Street is red-lining.

On Tuesday, the Nasdaq Composite shed 2.2% following warnings by Veritas ( VRTS) and Conexant ( CNXT), which tumbled a whopping 36% and 43%, respectively.

The parade continued Wednesday morning when PeopleSoft ( PSFT) previewed a disappointing quarter , laying the blame on bad publicity related to the Oracle ( ORCL) antitrust trial.

PeopleSoft recovered from its early slide to end Wednesday's session up 31 cents, or 1.8%, to $17.13 and the Nasdaq rose 0.1%. But the tech warnings parade resumed after the bell with preannouncements from Siebel Systems ( SEBL) and BMC Software ( BMC), along with disappointing results from Yahoo! ( YHOO).

Yahoo! shares were recently down 11.5% in after-hours trading, and its lowered third-quarter guidance is particularly troubling. Spooked by higher interest rates and a series of negative preannouncements, tech investors were hoping that Yahoo!, and more importantly Intel ( INTC), which reports next week, would give them a reason to buy.

"Oil prices, inflation, the rate hike, Friday's weak jobs report are all bothering investors," Graham Tanaka of Tanaka Capital said Tuesday evening. "A good showing from Yahoo! and Intel would calm them down." (Following Yahoo!'s shortfall, the pressure on Intel is even higher.)

Worries notwithstanding, Tanaka, who is often fairly bullish, said he expects earnings growth "to barrel along at a double-digit growth rate for at least a few more quarters."

Indeed, the collective fretting comes despite statistical evidence that the second quarter was solid, even spectacular on the corporate profitability front. S&P 500 earnings are expected to rise more than 20% on a sequential basis for a fourth consecutive quarter, while the ratio of downside surprises to upside surprises is significantly below average , according to John Butters of Thomson First Call.

Many of Wall Street's current concerns "are overblown, given that there is still a very good earnings outlook and good fundamentals in the economy," said Ozan Akcin, chief market strategist for Puglisi & Co., a boutique investment broker/dealer.

But such upbeat views have been obscured in recent days as investors focused on the negatives, be they resurgent oil prices, the Federal Reserve's tightening, vice presidential politics or, most tellingly, negative corporate preannouncements.

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