At today mid-quarter outlook meeting, Intel may confirm that its second quarter is on or close to target, but if the chip giant indicates there is weakness in Asia, technology stocks and the broader market will suffer, industry analysts said.

"I think Intel could be a very big deal at this juncture and stage of the equity market rally. Intel, being a Dow component and a technology leader, may set the stage for the direction of that sector," said John Person, head financial analyst with Infinity Brokerage Services in Chicago.

Intel has said to expect second-quarter revenues in the range of $6.4 billion to $7 billion, which would represent a decline of 4 percent to a rise of 5 percent compared with the previous quarter.

In Taiwan, there are indications that motherboard shipments are worse than expected this quarter, analysts said. In addition, there are signs that inventories of these chips and components are building, analysts said.