Stocks Opened Lower as Cisco Dragged

U.S. stocks opened lower on Thursday after Cisco’s disappointing forecast pressured all the three main indexes, while concerns over rising U.S. Treasury yields and looming trade talks persisted. The Dow Jones Industrial Average lately fell 59.00 points, or 0.24%, to 24,709.93. The S&P 500 was down 2.48 points, or 0.09%, to 2,719.98. The Nasdaq Composite dropped 8.74 points, or 0.12%, to 7,389.56.

Oil prices climbed on Thursday, as Washington’s decision to reinstate sanctions on Iran continued to fuel a rally that has pushed the market to 3½-year highs. West Texas Intermediate futures were up 66 cents, or 0.9%, at $72.14 a barrel. Brent crude was up 0.8% , or 74 cents, at $80.02 a barrel.

Cisco Systems Inc.’s services revenue fell short of Wall Street expectations. The company reported fiscal third-quarter net income of $2.69 billion, or 56 cents a share, compared with $2.52 billion, or 50 cents a share, in the year-ago period. Revenue rose to $12.46 billion from $11.94 billion in the year-ago period.

Walmart Inc posted a rebound in its U.S. e-commerce business on Thursday and beat profit and revenue expectations. Walmart’s e-commerce sales grew 33 percent during the first quarter ended April 30. Excluding special items, adjusted earnings were $1.14 per share. Total revenue increased 4.4 percent to $122.7 billion.