Sullen investors sent stocks lower yesterday, forcing the Dow Jones industrials down more than 100 points as Wall Street retreated from last week's optimism about the semiconductor industry.

Uncertainty about the economy and earnings ruled the market after Salomon Smith Barney reduced profit and revenue targets for Intel and Lehman Brothers said the chip maker will cut prices in half on its Pentium 4 processor. The news disturbed investors who last week bid chip stocks higher on bullish comments from other analysts and Intel itself.

The Dow Jones industrial average finished the session down 1.06 per cent, at 10,401.31. One of the Dow's biggest losers was Intel, which ended down $1.40 at E$30.28. The market's broader indicators also declined. The Nasdaq composite index fell 1.5 per cent, to 2,034.26, and the Standard & Poor's 500 index declined 1.1 per cent, at 1,200.48.