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Dow drifts lower near 53,700 as Cisco slides after earnings

Cisco shares fell about 9%, a move that explains most of the Dow's roughly 75-point drop, even as the S&P 500 and Nasdaq hit record intraday highs.

Reported · Written up by our desk · FX Futures

The Dow Jones Industrial Average traded near 53,700 on Thursday, down about 75 points, while the S&P 500 logged a fresh record intraday high and the Nasdaq Composite was also higher, according to FXStreet.

The main driver of the Dow's weakness was Cisco, whose shares dropped roughly 9% after quarterly results the market read as disappointing on margins rather than revenue. With Cisco trading near $124 before the report, the size of the move subtracted about $11 from the stock price, which FXStreet said translated into roughly 65 Dow index points of decline.

FXStreet added that because the Dow is price weighted, a single stock can move the index more than it would in other averages. It noted that other large moves in technology names, such as Cerebras falling 13% on its own results, did not materially affect the Dow because those companies are not Dow constituents.

In the background of the equity tape, FXStreet said futures pricing reflected a dovish repricing tied to inflation prints, with the odds of at least one rate increase by December 9 at 68.3%. It also cited probabilities for other meeting windows and said the distribution pointed to a “fork” between no increases or two increases if conditions shift.

Latest closeS&P 500 7,748.50 ▲0.3%|Nasdaq Comp. 26,588.49 ▲0.5%|Dow Jones 53,770.27 ▼0.0%

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