NEW YORK • Warnings of weaker sales from big companies and a jump in long-term interest rates drove the stock market lower early Thursday.
Before the start of trading, Wal-Mart cut its estimates for annual sales and profit, warning that cautious shoppers are spending less. The news followed a revenue forecast from Cisco Systems late Wednesday that was weaker than Wall Street expected.
An hour after the opening bell, the Standard & Poor’s 500 index was down 24 points, or 1.4 percent, to 1,661.
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