TECHNOLOGY stocks led Walls Street lower again as mounting" fears about corporate earnings clouded a quiet session.

The bond market, banks and most government offices were closed yesterday for the Martin Luther King bank holiday, leaving investors with little to focus on but worries about the impending earnings reports. Some of last week's indications of corporate profits for the final three months of 1995 were not encouraging.

Technology stocks, which stumbled badly last week, continued to undermine the broader market.

Declines outnumbered advances by about four to three on the New York Stock Exchange, with 985 up, 1,322 down and 759 unchanged. The NYSE's composite index fell 0.66 to 322.29. The Standard and Poor's 500 stock index fell 1.99 to 599.82. The technology heavy Nasdaq composite index fell 18.12 to 990.10.

At the American Stock Exchange, the market value index lost 1.94 to 532.70.