NEW YORK (CNN/Money) - Three years after the Nasdaq peaked amid the elation of stock market players, investors Monday couldn't have a more opposite outlook.

Before the opening bell, investors continued to fear war with Iraq as they awaited word on whether the United States would be able to muster enough votes from the U.N. Security Council to authorize an attack.

Around 8:45 a.m. ET, futures pointed to a lower start for the major indexes.

"It's going to remain a war reflected week with a bit of economic news on the side," said Ned Riley, chief investment strategist at State Street Global Advisors. "Clearly, this anniversary is not one to be cherished by many, but we should look at the conditions then compared to the conditions now. There is little hope of a recovery and little enthusiasm for a sharp profits increase. We are in the irrational fear stage, and understandably so."

Iraq is at the center of stocks' early decline in 2003 and will remain in focus amid signs an armed conflict is imminent.

Secretary of State Colin Powell said Sunday the U.S. is within "striking distance" in its effort to gain nine votes for a U.N. Security Council resolution authorizing use of force if Iraq hasn't disarmed by March 17. But France, which can veto any proposal, is lobbying for votes against the resolution, with its foreign minister visiting uncommitted African members of the council.

Meanwhile, the New York Times quoted U.S. officials as saying U.N. weapons inspectors have found a new variety of rocket in Iraq, configured to scatter bomblets filled with chemical or biological agents over a wide area. The Times said U.S. officials pointed to the rockets as a sign that Iraq's claims of disarmament are dishonest.

On the opposite side of the world, North Korea test-fired another missile into the Sea of Japan, according to South Korea's Defense Ministry. The report sent Asian-Pacific stocks lower Monday, with Tokyo's Nikkei index ending down 1.3 percent -- a 20-year low. The Korea Kospi also sank Monday.

With concern about Iraq hanging heavy, U.S. markets are coming off their second straight losing week. The Dow Jones industrial average fell 1.9 percent, despite a 66-point advance Friday, while the Nasdaq composite index lost 2.4 percent even with a modest 2-point rise.

For the Nasdaq composite, Monday marks the third anniversary of its peak. On March 10, 2000, the index ended at 5,048.62. Since then, it is down 74 percent.

Concern about Iraq spread to markets around the world. European stocks declined at midday.

Among U.S. stocks trading in Europe, Intel (INTC: Research, Estimates) fell nearly 2 percent. The No 1 chipmaker announced Monday it has provided funding to four new companies that provide wireless software and services, and it has signed deals to launch wireless phone networks for Web browsing in China.

Treasury prices rose in early trading, with the 10-year note up 1/2 of a point in price to 102-12/32, yielding 3.58 percent. The dollar fell slightly against the euro, which remained above the $1.10 mark, and also weakened a bit versus the yen.

Brent oil futures rallied 29 cents to $33.43 a barrel in London, where gold rose in early trading. Credit Suisse First Boston raised its price targets for oil and natural gas prices early Monday, while Lehman Brothers upgraded its rating on the oil refiners as a sector to "positive" from "negative."