Updated from 3:23 p.m. EST

Widely held tech stocks had their fair share of misery Monday as the Dow fell below 7,000 and Nasdaq fell 3.4% to 1,330.64.

Hewlett-Packard ( HPQ) announced Monday that its EDS unit had signed a 10-year, $1 billion contract with London-based insurance firm Aviva. Shares remained in the red nonetheless, with the stock price falling 3.3% to $28.07.

Research In Motion ( RIMM) shares closed down 7.7% to $36.88. Fellow telco hardware maker Nokia ( NOK) also took a beating, with shares down 6.6% to $8.74.

Shares of Yahoo! ( YHOO) fell 4.9% to $12.58, while its peer Google ( GOOG) dropped 3.2% to $327.16. Microsoft ( MSFT), meanwhile, took a 2.2% hit at $15.79.

Elsewhere:
  • IBM (IBM) was down 3.2% to $89.05.
  • Apple (AAPL) was down 1.5% to $87.94.
  • Garmin (GRMN) was down 5.4% to $16.19.
  • Dell (DELL) -- recently upgraded from Hold to Buy at Argus -- spent most of the day in green but fell 1.2% into the close, landing at $8.43.
  • Palm, (PALM) managed to end the day up 1.1% to $7.32.
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