Wall Street drops as Cisco's dour outlook weighs
Cisco Systems Inc tumbled 7.7% after it warned 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 posted robust same-store sales growth and profit, while also raising its full-year earnings forecast. Shares were last up 0.1%, after hitting a record high earlier in the session. “ is not very much ... there has been pressure in things like Cisco which has outweighed the interest in better reports from Walmart,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
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 President Donald Trump recently tempered expectations with the threat of more tariffs if China failed to reach a deal.
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