Markets: Stocks Give Back Tuesday's Gains

N E W  Y O R K, June 6 -- Stocks fell today, aschilling forecasts from two of the market's biggest blue-chipnames, including computing giant Hewlett-Packard, idled buyers in an early June rally.

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HP warned the slowdown in information technology was goingglobal, while banking powerhouse J.P. Morgan Chase, a fellow component of the Dow average, said it expects lower trading revenues in the quarters ahead.

The Dow Jones industrial average fell 105.60 points,or 0.94 percent, to 11,070.24, according to the latest data.The Nasdaq composite index shed 15.93 points, or 0.71percent, to 2,217.73. The benchmark Standard & Poor's 500 index

lost 13.54 points, or 1.05 percent, to 1,270.03.

HP shares fell $1.34, or 4.46 percent, to $28.71, whileJ.P. Morgan Chase gave up $1.66, or 3.42 percent, to $46.84.Combined, the declines in these two stocks accounted for almost20 percent of the Dow's drop. Before today, the market hadrisen for four days in a row.

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"Earnings concerns are going to continue to bedevil themarket," said Jack Shaughnessy, chief investment strategist atAdvest. "Companies in the middle of June begin to makeannouncements about second-quarter earnings, and thoseannouncements may not be very positive."

Elsewhere, investors were particularly on edge withcomputer chip giant Intel scheduled to give apreliminary report on its quarter ending June 30, Thursday.Intel rose 9 cents to $29.82.

Oil shares fell in line with crude oil prices, which fellafter inventory data soothed worries that Iraq's halt ofexports would cause a supply crunch in the U.S. market. Oilservices giant Exxon Mobil fell $2.15 to $89.40.

Network computer maker Sun Microsystems Inc. wasthe Nasdaq's most heavily traded share, up $1.07 at $18.09.Traders cited a research note from Goldman Sachs, which saidthat while the pain caused by "externally induced slowing,amplified by some internal miscues" is not behind the company,the worst of it is.