Internet and technology stocks gave back early gains on Wednesday to close below their recent lows.

The ISDEX slipped 8 to 684 after trading as high as 711, and the Nasdaq lost 27 to 3658 after trading as high as 3753. The S&P 500 also gave back much of its gains, finishing up half a point to 1438, well off its high of 1451. The Dow looked better, gaining 80 to 10,687. Volume rose to 987 million shares on the NYSE and 1.47 billion on the Nasdaq. Advancers led 15 to 12 on the NYSE, but decliners led 20 to 19 on the Nasdaq. The big economic report for the week is Friday's July employment data. For earnings reports, visit our earnings calendar and reported earnings.

After the bell, Go.com beat estimates by 11 cents with a 34-cent loss. The stock slipped 1/16 to 10 5/8 in regular trading and was halted after hours on the news. The company will become the Disney Internet Group on Monday, stock symbol DIG.

24/7 Media issued a press release saying the company had not issued an earnings warning yesterday, as Bloomberg had reported. CEO David Moore had been discussing general Internet advertising weakness, but "did not provide any revisions to financial analysts' expectations regarding 24/7 Media's financial results for second or third quarters for year 2000." The stock recovered 19/32 to 10 1/16.

InterTrust was one of the day's biggest winners, gaining 2 5/16 to 15 5/8 on news that Universal Music Group announced plans to offer music over the Internet in digital format.

Scient gained 4 15/32 to 47 31/32 on news of an alliance with Deutsche Bank's e-millenium 2 Asia-Pacific investment fund.

Sapient gained big after reporting second-quarter earnings of 23 cents a share, 3 cents better than estimates, and announcing a 2-for-1 stock split. The stock gained 17 1/4 to 121 1/8, but down from an intraday high of 128.

Sequoia Software gained 15/16 to 11 7/16 after beating estimates by 6 cents with a 26-cent loss.

GoAmerica beat estimates by a penny with a 22-cent loss and announced an alliance with Dell Computer, but the stock slipped 5/8 to 10 after trading as high as 11 29/32.

Click Commerce reported a loss of 1 cent a share, 4 cents better than estimates. But the stock fell 4 1/4 to 25 7/16. Salon.com beat estimates by a nickel with a 36-cent loss, and the stock added 1/32 to 1 17/32. Viador beat estimates by 3 cents with a 29-cent loss, but the stock slipped 15/16 to 10 1/8.

SciQuest.com reported a loss of 35 cents a share, 3 cents better than estimates. The stock slipped 11/32 to 9 5/8.

Egghead.com slipped 1/8 to 2 1/4 after warning that third-quarter revenues will be below the second quarter.

Juno continued to fall a day after the company lowered forward guidance. Chase H&Q cut the stock to Market Perform from Buy. Juno fell 2 1/8 to 7 1/8.

S1 continued to decline a day after missing earnings estimates, falling 2 5/8 to 15 1/2 on downgrades from Legg Mason, ABN Amro and USB Piper Jaffray.

MicroStrategy gained 1 9/16 to 21 7/8 on news of a new Chief Financial Officer.

Interwoven climbed 2 3/4 to 67 1/2 on news that Target Stores has selected the company's content management platform to power Target.com.

SonicWall gained 1 5/16 to 82 1/4 on news of a 2-for-1 stock split.

SpeechWorks bolted 12 1/4 to 69 on its second day of trading. For more on the IPO, click here.

Commerce One found support right at its uptrend line at 40 and bounced 2 15/16 to 43 5/8. Vignette, which broke its uptrend last week, bolted 6 1/16 to 35 1/8 on news of an alliance with Arthur Andersen. Inktomi, which also broke its uptrend in last week's sell-off, found support at 97 and gained 3 21/32 to 101 31/32.

E-Stamp gained 5/16 to 1 3/8 on news that Microsoft Vice President of eCommerce Peter Boit had joined the company's board of directors.

Net.B@nk gained 15/16 to 11 7/16 on news of an alliance with Ameritrade and a Raymond James Strong Buy rating.

Some technical comments on the market: Not a good day for Internet and technology issues. Early gains were lost on rising volume, and the Nasdaq and ISDEX closed below last week's lows. Not much of a rally. As we said at noontime, the only thing that looks any good here is the Dow, which broke out of an inverse head and shoulders pattern in the 60-minute chart this morning. The Nasdaq and S&P 500 continue to look like they are forming bear flags or pennants here, potentially signaling that the next big move may be down. This kind of zig-zagging rally, up one day and then down the next, is how these patterns are formed. The Nasdaq has run into resistance at the very bottom of its large consolidation from June and July; an awful lot of money that went into the market the last two months is now under water, giving the index a lot of overhead resistance here. And given the Nasdaq's break of a rising wedge last week, the index has downside potential back to 3042 if it is unable to mount a more impressive advance. Critical support is 3550-3585. To the upside, resistance began around 3750-3766 Monday and is again posing resistance today, with today's high mark coming at 3753. If the Nasdaq can clear this level, next up is the 3820-3830 level, and then the 200-day moving average at 3875. The ISDEX closed below our critical level of 692, a potential warning sign. The ISDEX broke a rising wedge last Friday, giving the index potential to return to 560, its May low. 650 could provide some support, as could 600. To the upside, the lower boundary of the broken rising wedge is now around 735, and above that is 790 resistance. Above that, the ISDEX turned back recently at 840, just below its 50% retracement level of 845. The Dow and the S&P pushed through 10,620 and 1440 resistance this morning, but both turned back at 10,700 and 1450, and the S&P finished unchanged at 1438. The S&P 500 also broke a bearish rising wedge last week, with potential downside to 1361. The index found support at 1414 last week. Critical support is 1390, the index's October 1998 uptrend line. A break of that trendline could carry the S&P to 1170 or lower, so we do not want to violate that line. The Dow turned back Friday after testing the lower boundary of its bearish diamond pattern (10,464, but we'll continue to use 10,200-10,300 because of strong support in that range and the requirement of a 3% break of a major pattern). A break of that line could carry the Dow as low as 8,500. The upper boundary of the Dow's bearish diamond pattern is just under 11,000. The Dow's recent rally was halted at 10,875.