NEW YORK, Nov. 11 (UPI) -- U.S. markets turned sharply lower Thursday morning as Cisco Systems Inc. said its revenues growth was expected to slow.
Cisco reported profits up 8 percent in its fiscal first quarter compared to the same period a year ago. However, it said its television set-box business looked weak and Chief Executive Officer John Chambers described the business environment as "challenging," CNNMoney.com reported.
Investors were also uncertain what to expect on currency rate stabilization after a Group of 20 Nations summit in Seoul. Analysts expect whatever pact is signed will contain mostly a pledge of goodwill, rather than a significant breakthrough.
In midmorning trading on Wall Street, the Dow Jones industrial average dropped 93.28 points, 0.82 percent, to 11,263.76. The Standard & Poor's 500 index lost 0.77 percent, 9.44, to 1,209.61. The Nasdaq composite index lost 1.43 percent, 36.78, to 2,542.00.
The benchmark 10-year Treasury note rose 4/32 to yield 2.648.
The euro fell to $1.3686 from Wednesday's $1.3779. Against the yen, the dollar rose to 82.38 yen from Wednesday's 82.32 yen
In Japan, the Nikkei 225 index added 0.31 percent, 30.94, to 9,861.46.
