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Tech stocks are taking another beating on Monday, as the bloodbath on Wall Street continues.

The Dow Jones Industrial average was down more than 700 points in mid-day trading, off more than 7 percent. The Nasdaq, meanwhile, was trading down more than 8 percent and had dropped below 1,800 points. The CNET Tech Index was trading at 1,234.85, down 96.11, or more than 7 percent.

Several major indexes, including the Dow and Nasdaq, were trading at multiyear lows. The CNET Tech Index was at its lowest point since 2006.

SAP, which warned on Monday that its third quarter sales fell below estimates as business spending on software dropped, saw its shares off more than 15 percent, changing hands recently at $38.59, down $7.06.

AMD, Palm, and RIM were all down double digit percentages, while Google, Intel, Microsoft, and most other big-name tech stocks were all down greater than 5 percent for the day.

Yahoo shareholders have even more reason to resent management that rejected Microsoft’s $33-per-share offer. Yahoo shares were trading Monday at $14.72, $1.28 or 8 percent.

I talked about the stock drop on today’s CNET News Daily Debrief, above.