Updated from 4:06 p.m. ESTTech shares tumbled Monday, dragged down by another gloomy forecast in the semiconductor space, while blue chips failed to hold an early gain and closed lower for the fourth straight session. The Dow Jones Industrial Average fell 24.38 points, or 0.23%, to 10,368.61, erasing all of a 50-point gain; the S&P 500 lost 4.12 points, or 0.35% to 1163.75; and the Nasdaq slumped 25.57 points, or 1.26%, to 2008.70, its lowest close since Nov. 3. The 10-year Treasury note was up 4/32 in price to yield 4.12%, while the dollar was lower against the yen and euro. Volume on the New York Stock Exchange was 1.49 billion shares, with decliners beating advancers by a ratio of about 3 to 2. Volume on the Nasdaq was 2.13 billion shares, with decliners outpacing advancers 11 to 5. The losses among technology stocks followed an earnings and sales warning from German chipmaker Infineon ( IFX), which reported slowing demand and continued inventory overhang among customers. The Philadelphia Stock Exchange Semiconductor Index lost 1.7%, while the Semiconductor HOLDRs Trust ( SMH) was also down 1.7%. "We have seen a slowdown in most of our application segments, a further clear market weakening and lower customer demand during the first quarter," Infineon said. The company, which generates more than $2 billion a quarter in sales, saw its shares decline 37 cents, or 4%, to $8.97. Oil was volatile amid a bitter cold wave that continued to grip the Northeast and a power outage that slowed exports from southern Iraq. In Nymex floor trading, the March crude contract closed up 28 cents to $48.81. "What we're seeing is a buyer's strike, just as we've seen this year so far," said Edgar Peters, chief investment officer with Pan Agora. "People are not assuming long positions, and we're not entirely sure why. People are clearly waiting for something, some type of good news. All the fundamentals are in the right place, but people are just not willing to take a chance." Stocks entered the heart of the fourth-quarter earnings season having fallen for three straight weeks, the first time that's happened at the start of a year since 1982. Last week, the Dow Jones Industrial Average fell 165 points, or 1.6%, to 10,392. It has now erased all of the gains of 2004's fourth quarter. The S&P 500 fell 16 points, or 1.4%, to 1167, while the Nasdaq Composite gave up 53 points, or 2.6%, to 2034, a new 10-week low.