Wall St: S&P 500, Dow slip as Cisco drags, Nasdaq steady after selloff

Cisco Systems Inc. slid more than 10% after warning that Chinese lockdowns and other supply disruptions would wipe out sales growth in the current quarter

The S&P 500 and the Dow extended losses on Thursday as Cisco Systems slumped after it gave a dismal outlook, while investors fretted over the impact of surging inflation on economic growth and corporate earnings.

Shares of the networking gear maker slumped 12.7% as it lowered 2022 revenue growth outlook, taking a hit from Russia exit as well as component shortage due to China lockdowns.

Kohl's Corp slipped 1.1% after the department store chain cut its full-year profit forecast, the latest U.S. retailer to flag a hit from four-decades high inflation.

The S&P consumer staples index fell 1.9% to hit a seven-month low