Technology and energy shares sent the Standard & Poor’s 500 Index to its lowest level in 14 months on Intel Corp.’s worse-than-estimated sales forecast and a drop in oil prices.

Intel, the world’s largest computer-chip maker, tumbled the most in five years in Nasdaq Stock Market trading after saying first-quarter sales will be as much as 6.9 percent below analysts’ estimates. Exxon Mobil Corp. and Chevron Corp. led energy shares lower on the New York Stock Exchange as crude oil retreated to a four-week low.

The S&P 500 lost 7.75, or 0.6 percent, to 1,373.2 and is down 6.5 percent in 2008, marking its worst-ever 11-day start to a year. The Dow Jones Industrial Average fell 34.95, or 0.3 percent, to 12,466.16. The Nasdaq Composite Index sank 23, or 1 percent, to 2,394.59. Asia’s benchmark dropped to its lowest level since August and Europe’s fell for the fifth time in six days, deepening a global sell-off that’s wiped out $2.58 trillion in value this year. [MORE]