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* Cisco top drag on all three indexes after disappointing
forecast
* Walmart posts strong third-quarter earnings, raises
outlook
* Indexes down: Dow 0.13%, S&P 0.07%, Nasdaq 0.13%
(Updates to early afternoon)
By Arjun Panchadar
Nov 14 (Reuters) - U.S. stocks dipped on Thursday, weighed
down by technology shares after Cisco's weak forecast raised
worries of a slowdown in global economic growth, overshadowing
strong results from big box retailer Walmart.
The pullback in the benchmark S&P 500 .SPX and blue-chip
Dow Jones Industrial Average .DJI came a day after they closed
at record highs.
Cisco Systems Inc CSCO.O tumbled 7.7% after it warned
current-quarter revenue would drop 3% to 5% amid declining
global spending on its routers and switches, some of which are
made in China. The network gear maker weighed the most on Wall Street's
main indexes, and pulled the tech index .SPLRCT 0.30% lower.
Walmart Inc WMT.N posted robust same-store sales growth
and profit, while also raising its full-year earnings forecast.
Shares were last up 0.1%, after hitting a record high earlier in
the session. Strong results from the world's largest retailer came ahead
of a crucial retail sales report by the U.S. Census Bureau on
Friday.
"(The pullback) is not very much ... there has been pressure
in things like Cisco which has outweighed the interest in better
reports from Walmart," said Robert Pavlik, chief investment
strategist and senior portfolio manager at SlateStone Wealth LLC
in New York.
Six of the 11 major S&P sectors were higher, with defensive
utilities .SPLRCU and real estate .SPLRCR among the biggest
gainers.
Hopes of a resolution to the trade dispute as well as a
largely upbeat corporate earnings season have spurred Wall
Street to record highs this month, but President Donald Trump
recently tempered expectations with the threat of more tariffs
if China failed to reach a deal.
Federal Reserve Chair Jerome Powell said the risk of the
U.S. economy facing a dramatic bust is remote, in part, because
the record-long expansion is notable for not having pockets of
overheating activity. On Wednesday, Powell had said the central bank saw a
"sustained expansion" ahead for the U.S. economy.
At 1:22 p.m. ET the Dow Jones Industrial Average .DJI was
down 35.18 points, or 0.13%, at 27,748.41, the S&P 500 .SPX
was down 2.15 points, or 0.07%, at 3,091.89 and the Nasdaq
Composite .IXIC was down 10.63 points, or 0.13%, at 8,471.47.
Dillard's Inc DDS.N jumped 13.6% as the department store
chain beat quarterly comparable-store sales
estimates. Kraft Heinz Co KHC.O dropped 6.2% after a report that
Goldman Sachs had downgraded the food and beverage maker's stock
to "sell".
Advancing issues outnumbered decliners for a 1.20-to-1 ratio
on the NYSE. Declining issues outnumbered advancers for a
1.15-to-1 ratio on the Nasdaq.
The S&P index recorded 21 new 52-week highs and two new
lows, while the Nasdaq recorded 58 new highs and 97 new lows.