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Markets Right Now: Stocks skid as tech companies plunge – ABC News

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11:45 a.m.

U.S. stocks are sharply lower at midday as technology companies take big losses.

Cisco Systems fell 1.5 percent Thursday after it lowered its profit and revenue growth targets. Cisco makes switches, routers and other networking gear.

Alphabet, Google’s parent company, dropped 2.3 percent. Technology stocks are trading at their lowest levels since early May.

Banks were among the few stocks that traded higher.

Walgreens ended its effort to buy Rite Aid, and will buy about half of its stores instead. Walgreens dipped 0.5 percent while Rite Aid dropped 25.8 percent.

The Standard & Poor’s 500 index shed 16 points, or 0.7 percent, to 2,423.

The Dow Jones industrial average sank 108 points, or 0.5 percent, to 21,346. The Nasdaq composite fell 90 points, or 1.5 percent, to 6,143.

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9:40 a.m.

Stocks are lower in early trading as technology companies and big-dividend stocks dip.

Banks soared Thursday after the Federal Reserve said that they can buy back more stock and raise their dividends. Bond yields also jumped.

Citigroup jumped 3.4 percent. Investors cooled on other high-dividend companies and real estate investment trust Ventas fell 2.4 percent.

Chipmaker Nvidia lost 1.7 percent as tech companies continued to struggle.

Walgreens ended its effort to buy Aid, and will buy about half of its stores instead. Walgreens gained 2.8 percent and Rite Aid dropped 23.9 percent.

The Standard & Poor’s 500 index dipped 4 points, or 0.2 percent, to 2,436.

The Dow Jones industrial average sank 7 points to 21,447. The Nasdaq composite fell 39 points, or 0.6 percent, to 6,195.