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Wall Street slips as Cisco drags, bond yields rise

Reuters 

By Medha Singh

(Reuters) - Wall Street's main indexes dropped on Thursday as U.S. bond yields climbed to a seven-year high and Cisco's forecast disappointed, while looming Sino-U.S. trade talks added to the jitters.

Shares of fell 3.6 percent and were the biggest drag on all the three major indexes, after the company's forecast indicated its transition to a business was a work in progress.

Also weighing was Walmart's 1.8 percent fall. The stock was up in premarket trading after the retailer posted a rebound in its U.S. business and beat profit estimates.

Ten-year yields hit a high of 3.1 percent as more expensive pointed to faster inflation and followed some upbeat U.S. retail sales numbers.

"There's a lot of chatter that the 10-year is somehow going to explode to the upside, that's why its getting everybody's attention," Kim Forrest, at in

"There is a lot of worry out there that might be reflected in the market ... and trade is the icing on the cake."

The and will resume negotiations over the next two days to resolve their differences over trade, and officials from both sides have recently signaled that they are looking for a deal.

is considering tariffs on U.S. exports worth $409 million in retaliation against U.S.-imposed and aluminum import tariffs, according to

At 9:52 a.m. EDT the was down 61.23 points, or 0.25 percent, at 24,707.70, the 500 was down 2.02 points, or 0.07 percent, at 2,720.44 and the Composite was down 8.43 points, or 0.11 percent, at 7,389.86.

Six of the 11 main index groups were in negative territory.

Leading the gainers was the energy sector, which rose 0.9 percent after Brent crude prices hit $80 per barrel for the first time since November 2014.

dropped 1.3 percent, weighing on financials, after reported that some altered information on business customers' documents.

tumbled 6.7 percent after its same-store sales missed estimates and the company warned its could post a loss this year.

rose 1.4 percent after upgraded the stock to "overweight."

Advancing issues outnumbered decliners by a 1.54-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the

The index recorded 12 new 52-week highs and two new lows, while the recorded 48 new highs and 11 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 19:50 IST
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