Cisco’s shares dropped more than 11% early Thursday after the network-equipment giant slashed revenue forecasts, wiping away billions of dollars of the Dow Component’s market value. Walmart, Burberry, Alibaba and Palo Alto Networks shares also took hits following the companies’ latest updates to investors.
Major indexes were mixed, while Treasury yields declined.
Stock indexes were little changed. The tech-oriented Nasdaq Composite and the Dow industrials were close to flat. The S&P 500 ticked higher.
Bonds rallied. The U.S. 10-year yield fell below 4.5%.
Industrial output declined. The Federal Reserve’s monthly measure of output and capacity utilization among manufacturers, miners and utilities fell by more than expected last month, when auto strikes took a toll.
Oil prices weakened. Benchmark U.S. crude futures dropped by more than $2 a barrel, to below $75, the lowest price since July.
Bitcoin prices softened, falling below $37,000. The cryptocurrency came close to $38,000 Wednesday after two days in the red.
Overseas stocks were mixed. Hong Kong’s Hang Seng Index fell more than 1% after data showed new home prices in China fell at a faster pace in October. Shares in London and Frankfurt rose.