Stock markets slid lower Monday as technology shares fell following a revenue warning by JDS Uniphase, and investors cooled their heels in advance tomorrow’s expected interest-rate cut in the United States.

The TSE 300 composite index dropped 56.99 points to 7,559.81,

Overall, 10 of the TSE’s 14 sub-indices were down. The decline was led by a 2.65% drop in the tech-heavy industrial products sector.

JDS Uniphase issued a warning that its third quarter revenues could fall another 10% to 15% from the second quarter. Analysts had been expecting a 4.5% increase.

JDS Uniphase shares fell $1.41 to $18.69. Shares in Nortel Networks fell 96¢ at $12.92. Chipmaker ATI Technologies rose 24¢ to $21.52.

Joining industrials on the down side were base metals, which fell 1.2$, and golds, off 0.9%.

Franco-Nevada Mining fell 64¢to $22.35 after Newmont Mining Corp. raised its bid for Australia’s Normandy Mining by 15% to $3.4 billion. Under the deal, Newmont would also acquire Franco-Nevada, which owns about 20% of Normandy.

Overall market momentum was negative with declines beating out advances 635 to 463. Volume was strong with 156.8 million shares changing hands.

In was an inauspicious debut for the S&P/CDNX composite index. The new venture capital index slipped 3.67 points to 99.33.

Trading was active with over 31 million shares changing hands. Advances trailed declines 185 to 284. The index is now being managed by S&P following the takeover of the junior exchange by the TSE.

On Wall Street, the prospect of another cut to U.S. interest rates failed to any generate enthusiasm for stocks. It is expected that the Federal Open Market Committee will cut U.S. interest rates by 25 basis points to 1.75% when it group meets tomorrow

The Dow Jones industrial average closed down 128.01 points, or 1.3%, at 9,921.45, falling below the psychologically important 10,000 level.

The Nasdaq slid 29.14 points, or 1.4%, to 1,992.12, while the S&P 500 was off 18.38 points, or 1.6%, to 1,139.93.