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.
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. e-commerce business and beat profit estimates.
"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, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.
"There is a lot of worry out there that might be reflected in the market ... and trade is the icing on the cake."
The United States and China 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.
At 9:52 a.m. EDT the Dow Jones Industrial Average was down 61.23 points, or 0.25 percent, at 24,707.70, the S&P 500 was down 2.02 points, or 0.07 percent, at 2,720.44 and the Nasdaq 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.
J.C. Penney Co tumbled 6.7 percent after its same-store sales missed estimates and the company warned its could post a loss this year.
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 Nasdaq.
(Reporting by Medha Singh 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.)