New York, June 22 (BridgeNews) - The Dow industrials declined, led down by a 9% drop in Merck (MRK) shares after the drug giant cut second-quarter and 2001 earnings estimates. Heightened tensions in the Middle East also weighed on the market in late trade, sending the Nasdaq down 1%. The Dow was down 110 points, or 1.03%, to 10,304 and the Nasdaq closed down 23 points, or 1.15%, to 2034. The S&P 500 fell 11 points, or 0.94%, to 1237.