US STOCKS-Wall St recedes from record high following weak results, Draghi

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* ECB disappoints investors wanting more dovish stance
* Ford falls after quarterly profit miss
* Indexes: Dow -0.56%, S&P 500 -0.49%, Nasdaq -0.86%

(Updates to afternoon)
By Noel Randewich
July 25 (Reuters) - Wall Street fell from record highs on
Thursday following a flurry of downbeat quarterly results from
Ford Motor and other companies and after European Central Bank
chief Mario Draghi's comments disappointed investors hoping for
a more dovish stance on monetary policy.
The ECB signaled its intention to explore monetary easing
but did not cut interest rates, and President Mario Draghi
sounded more upbeat on the economy than investors expected.
The Federal Reserve is widely expected to cut interest rates
next week to bolster the U.S. economy, even as the U.S.
unemployment rate sits at its lowest in 50 years.
"The ECB's rosier outlook may be giving the market a bit of
a chill," said Chuck Carlson, chief executive of Horizon
Investment Services in Hammond, Indiana.
"The market continues to hope for dovish central banks and
the actions of one central bank lead the market to wonder what
that means for the Federal Reserve."
Ford Motor Co F.N tumbled 8.6% after the automaker
reported a lower-than-expected profit and gave a disappointing
full-year earnings forecast.
The S&P 500 information technology index .SPLRCT fell
0.6%, with the Philadelphia Semiconductor Index .SOX falling
1.6% from record highs.
Xilinx Inc XLNX.O tumbled 2.5% after the chipmaker gave a
weak quarterly forecast, hit by the impact of U.S. restrictions
on selling to Huawei Technologies Co Ltd HWT.UL . Facebook Inc FB.O dropped 2.8% after the social media
giant said new rules and product changes aimed at protecting
user privacy would slow its revenue growth into next year.

Align Technology ALGN.O plunged 26% and was the biggest
decliner on the S&P 500 after the orthodontic device maker's
current-quarter forecast came below estimates.
Two weeks into the second-quarter earnings season, about 75%
of the 185 S&P 500 companies that have reported so far have
topped profit estimates, according to Refinitiv data.
Broad expectations that the Fed would cut rates to counter
the impact of a protracted trade war have helped Wall Street's
main indexes scale record levels this month.
At 2:42 pm ET, the Dow Jones Industrial Average .DJI was
down 0.56% at 27,116.72 points, while the S&P 500 .SPX lost
0.49% to 3,004.7.
The Nasdaq Composite .IXIC dropped 0.86% to 8,249.89.
The S&P 500 and Nasdaq closed at record highs on Wednesday.
Google-parent Alphabet Inc GOOGL.O was nearly flat ahead
of its quarterly report after the bell. Amazon.com Inc AMZN.O
fell 0.7% ahead of its report after the bell. Also reporting
after the close, Intel INTC.O was down 1.7%.
"You are probably looking at them as a bit of a bellwether
for what's going on in tech, which has been a great performance
story so far this year. The market will key in on their
stories," said Rob Haworth, senior investment strategist at U.S.
Bank Wealth Management.
Declining issues outnumbered advancing ones on the NYSE by a
2.28-to-1 ratio; on Nasdaq, a 2.20-to-1 ratio favored decliners.
The S&P 500 posted 28 new 52-week highs and 3 new lows; the
Nasdaq Composite recorded 80 new highs and 77 new lows.