US STOCKS-Wall St declines on weak earnings reports, ECB statement

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* ECB opens door for future rate cuts
* Technology falls most among major S&P sectors
* Tesla slips after quarterly results
* Ford falls after quarterly profit miss
* Indexes down: Dow 0.60%, S&P 0.58%, Nasdaq 0.84%

(Updates to afternoon)
By Amy Caren Daniel
July 25 (Reuters) - U.S. stocks slid on Thursday after a
handful of downbeat earnings pointed to a slowing global economy
and as European Central Bank chief Mario Draghi's comments
disappointed investors who were hoping for a more dovish stance.
Although the ECB left the door open for an interest rate cut
in the future, Draghi said the risk of a recession in the euro
zone was "pretty low" and that policymakers did not discuss rate
cuts at the meeting.
"Risk markets have completely reversed the initial
exuberance, which is likely due to the lack of details in
Draghi's press conference," said Mohammed Kazmi, portfolio
manager at UBP.
"We are used to Draghi delivering a dovish message, which
meant that the bar was high for risk and rates markets to rally
further, given pre-positioning into the meeting."
Technology stocks .SPLRCT fell 0.7%, and led the declines
among the S&P sectors as chipmakers fell following Xilinx Inc's
XLNX.O dour forecast.
The chipmaker declined 3.3% after providing current-quarter
revenue forecast below expectations, hit by the impact of U.S.
restrictions on selling to Huawei Technologies Co Ltd HWT.UL .
The Philadelphia chip index .SOX dropped 1.60% a day after
hitting a record high.
Tesla Inc TSLA.O tumbled 14% after the electric car maker
softened its language once again on meeting its profit timeline.
"Earnings have been mixed and it points to an already slow
global economy and a slowing U.S. economy," said Peter Cecchini,
managing director and chief market strategist at Cantor
Fitzgerald in New York.
In a bright spot, 3M Co MMM.N rose 1.2% after the
manufacturer reiterated its full-year earnings forecast despite
slowing growth in high-profile markets such as China.

Two weeks into the second-quarter earnings season, about 75%
of the 185 S&P 500 companies that have reported so far have
topped profit estimates, according to Refinitiv data.
Hopes that the Federal Reserve would adopt a looser monetary
policy when it meets next week to counter the impact of a
protracted trade war have helped Wall Street's main indexes
scale record levels this month.
At 12:38 p.m. ET, the Dow Jones Industrial Average .DJI
was down 163.98 points, or 0.60%, at 27,105.99, the S&P 500
.SPX was down 17.41 points, or 0.58%, at 3,002.15. The Nasdaq
Composite .IXIC was down 69.93 points, or 0.84%, at 8,251.57.
Ford Motor Co F.N fell 7.5% after the automaker reported a
lower-than-expected profit and gave a disappointing full-year
earnings forecast.
Facebook Inc FB.O declined 1.9% as the social media giant
said new rules and product changes aimed at protecting user
privacy would slow its revenue growth into next year.

Other FAANG members - Google-parent Alphabet Inc GOOGL.O
and Amazon.com Inc AMZN.O , which fell 0.6% and 0.9%
respectively, are set to report results after the bell.
Align Technology ALGN.O plunged 27.8% and was the biggest
decliner on the S&P 500, as the orthodontic device maker's
current-quarter forecast came below estimates.
Declining issues outnumbered advancers for a 2.34-to-1 ratio
on the NYSE and for a 2.14-to-1 ratio on the Nasdaq.
The S&P index recorded 28 new 52-week highs and one new low,
while the Nasdaq recorded 78 new highs and 58 new lows.