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* Cisco falls on disappointing forecast
* Walmart posts strong third-quarter earnings, raises
outlook
* Weak data from China, Germany spark growth concerns
* Indexes down: Dow 0.16%, S&P 0.14%, Nasdaq 0.24%
(Changes comment, updates market action)
By Arjun Panchadar
Nov 14 (Reuters) - U.S. stocks slipped on Thursday, weighed
down by technology shares after Cisco's dour forecast raised
worries of a global economic slowdown and overshadowed 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 fell 7.5% after the network gear
maker said current-quarter revenue would drop 3% to 5% amid
declining global spending on its routers and switches, some of
which are made in China. Walmart Inc WMT.N posted robust same-store sales growth
and profit, while also raising its full-year earnings forecast.
However its shares reversed course to edge 0.4% lower after
hitting a record high in the session. Strong results from the world's largest retailer come ahead
of a crucial retail sales report by the U.S. Census Bureau on
Friday.
"Despite all the negative headlines, we are near all-time
highs and that is because the fundamentals of the underlying
economy are still strong," said Josh Markman, managing director
at Bel Air Investment Advisors.
Five of the 11 major S&P sectors were higher, with defensive
utilities .SPLRCU and real estate .SPLRCR gaining the most.
The tech index .SPLRCT was 0.41% lower, as Cisco weighed.
The stock indexes had an uneventful open as weak data from
China and Germany rekindled worries of growth concerns due to a
prolonged U.S.-China trade war. 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 U.S. President Donald
Trump recently tempered expectations with the threat of more
tariffs if China failed to reach a deal.
Federal Reserve Chair Jerome Powell is speaking before the
House Budget Committee on Thursday. On Wednesday, he spoke about
a "sustained expansion" ahead for the U.S. economy, which
supported stock markets in the previous session.
At 11:39 a.m. ET the Dow Jones Industrial Average .DJI was
down 43.22 points, or 0.16%, at 27,740.37, the S&P 500 .SPX
was down 4.23 points, or 0.14%, at 3,089.81 and the Nasdaq