The Nasdaq sank on Monday, leading technology exchange traded funds lower as sector mainstays such as Apple (NasdaqGS: AAPL) and Yahoo (NasdaqGS: YHOO) paced the decliners.

Yahoo lost more than 4% while Apple fell about 2% and dropped below its 50-day moving average.

Technology ETFs were the worst performing sector ETFs Monday with over a 1.5% loss as investors awaited quarterly results from Dell (NasdaqGS: DELL). Tech-sector ETFs have been weak lately with Nvidia (NasdaqGS: NVDA) feeling the heat following disappointing quarterly earnings last week. Dell is expected to announce first-quarter earnings Tuesday. Analysts are looking for profit of 43 cents a share. The stock was down over 2% on Monday while Technology Select Sector SPDR Fund (NYSEArca: XLK) slipped 1.5%. [Tech ETFs Fall Before DELL Earnings]

ETFs that invest in Treasury bonds have been strong over the past month as yields decline, but many investors remain worried about the U.S. debt ceiling and higher interest rates. Eric Jacobson, Morningstar’s director of fixed-income research, mentions the key themes to examine in the bond market as the threat of rising interest rates looms. [Treasury ETFs Still Waiting for Higher Rates]

The Nasdaq fell harder than the Dow and S&P 500 in Monday’s downdraft, but the Nasdaq’s relative strength recently augurs well for the stock rally that kicked off in March 2009, a technical analyst says. “The ratio of the PowerShares QQQ (NasdaqGM: QQQ) versus the SPDR S&P 500 ETF (NYSEArca: SPY) remains in a primary uptrend,” said Tarquin Coe at Investors Intelligence in a note to subscribers Monday. [Nasdaq ETF’s Relative Strength a Good Sign: Analyst]

Weak sales and a reduced full-year outlook from home-improvement company Lowe’s (NYSE: LOW) on Monday set a negative tone to start the week for ETFs tracking the retail and building sectors. Lowe’s before the opening bell said its first-quarter earnings fell from the year-ago period and scaled back its full-year profit forecast. The stock fell Monday morning. Analysts were worried about the company’s top line and Deutsche Bank noted the quarterly earnings miss appeared to be entirely on the sales line. [Lowe’s Sales, Outlook Hurt Retail and Building ETFs]

Gregory A. Clay contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.