CHICAGO (CNN/Money) - Technology shares moved lower Thursday as investors awaited news on both the corporate and geopolitical fronts after the markets closed.

The Nasdaq Composite Index lost 11.48 to close at 1,302.92, according to preliminary results.

Investors were cautious ahead of Intel's mid-quarter update, which the company was scheduled to hold after the markets closed. Intel (INTC: Research, Estimates) shares fell 28 cents to close at $16.70.

The PC industry remains under pressure, as evinced by the sour outlooks issued by Dell Computer and Hewlett-Packard. But Lehman Brothers analyst Dan Niles noted last week that overseas demand for chips appears to be strong. In a report released earlier this week, Merrill Lynch pointed to the upcoming launch of Intel's new notebook platform as a reason for optimism.

Also certain to affect the markets Friday is President Bush's news conference Thursday evening, during which he will reinforce the U.S. position that a critical decision must be made within days regarding the use of force against Iraq.

Jay Wong, co-manager of the Payden & Rygel U.S. Growth Leaders fund, said that while the market as a whole will probably react negatively to Bush's comments, technology shares may be able to maintain a modicum of strength if Intel offers any positive news from its mid-quarter update.

While the S&P 500 was down 5.68 percent for the year at the start of trading today, the index's information technology sector was down only 1.19 percent so far in 2003 -- only the energy sector has performed better.

"Technology has been one of the better performers," Wong said. "I wouldn't expect positive things for the entire market from Bush's speech, but I'm hoping that technology will continue to buck the trend and outperform the whole market."

Also in semiconductor issues, National Semiconductor (NSM: Research, Estimates) advanced 43 cents to $16.60 after the firm narrowed its fiscal third-quarter net loss, meeting Wall Street estimates.

The Philadelphia Semiconductor Index slipped 1.02 to close at 287.36.

Elsewhere, Motorola (MOT: Research, Estimates) fell 21 cents to $8.05 after the company said it settled all lawsuits filed by Chase Manhattan Bank relating to its former satellite-phone company, Iridium LLC.

Gateway (GTW: Research, Estimates) finished the day unchanged at $2.24. Late Wednesday, the computer maker said it will take an $80 million restructuring charge as it cuts costs in a bid to return to profitability by the end of the year.