NEW YORK (AP) _ Blue chip and technology stocks tumbled Friday as investors sought to take profits in the face of more corporate earnings warnings.

In late morning trading on Wall Street, the Dow Jones industrial average was down 55.31 at 11,204.56.

The Nasdaq composite index was down 103.57 at 3,994.78, more than erasing its 85.01-point gain Thursday. The Standard & Poor's 500 index fell 11.15 to 1,491.36.

``The market starts to back off on its own interial when it gets overbought or oversold,'' said Chris Dickerson, an analyst with Global Market Strategists in Gainesville, Ga. ``What what we're doing now is pricing in some measure of an economic slowdown. We're looking at a fair number of warnings about slowdowns in the third quarter.''

Before the market opened, a handful of companies warned that their earnings would not meet expectations, including automotive parts maker TRW. The manufacturer's stock fell $3 to $42.25 on the New York Stock Exchange, a decline of more than 6 percent.

A warning from Gadzoox Networks, which makes routers for storage area networks, pushed its shares down $2.19 _ or more than 21 percent _ to $8.13 on the Nasdaq.

On Thursday, the Nasdaq rebounded 85.01 after a two-day downturn. The Dow fell 50.77 after chemical company DuPont warned that its earnings would be down because of soft demand and increased costs.

The Russell 2000 index was down 5.02 at 537.80 Friday.

Declining issues outnumbered advancers by more than a 5-to-4 margin on the New York Stock Exchange, where volume came to 309.34 million shares, compared to 308.65 million the previous session.

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