NEW YORK (AP) _ A weak profit report by Merck pulled the Dow lower today, but the Nasdaq market was flirting with a 10th straight record as a solid second-quarter showing by IBM fueled another strong day for technology shares.

At noon on Wall Street, the Dow Jones industrial average was down 31.67 at 9,264.08 after retreating from an early 48-point gain that briefly put the blue-chip barometer above Friday's closing record of 9,337.97.

Most broad-market indicators also surrendered early gains, but the technology-heavy Nasdaq composite index was up 6.95 at 2,021.20 following late Monday's profit report from IBM, which topped most forecasts.

IBM was up 7 1/16 at 129 1/16 as the Dow's strongest component, but that gain was negated by Merck, which failed to meet expectations with its second-quarter. The drugmaker's shares plunged 8 9/16 _ or the equivalent of 34 Dow points _ to 129 13/16 after this morning's report.

Declining issues outnumbered advancers by a 3-to-2 margin on the New York Stock Exchange, where volume came to 284.43 million shares, up from Monday's early pace.

The Standard & Poor's 500 index was down 3.25 at 1,180.85, the NYSE composite index was down 2.49 at 596.72, and the American Stock Exchange composite index was down 0.45 at 738.19.

Overseas, Tokyo's Nikkei stock average fell 0.1 percent, Frankfurt's DAX index rose 0.6 percent and London's FT-SE 100 fell 0.7 percent.