US STOCKS-Wall Street slips after Cisco's gloomy outlook

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Cisco top drag on all three indexes after disappointing
forecast
* Walmart posts strong third-quarter earnings, raises
outlook
* Dillard's shares jump after quarterly report
* Indexes down: Dow 0.13%, S&P 0.05%, Nasdaq 0.15%

(Updates to late afternoon)
By Lewis Krauskopf
Nov 14 (Reuters) - Wall Street's main indexes slipped from
near record levels on Thursday, as a dour forecast from tech
stalwart Cisco Systems raised fresh questions about the global
economy's health and overshadowed a strong report from big box
retailer Walmart.
Cisco CSCO.O shares tumbled 7.8% after the network gear
maker forecast second-quarter revenue and profit below
expectations as increasing global economic uncertainties kept
clients away from spending more on its routers and switches.
Cisco's share decline weighed the most on the major indexes
and helped drag the technology sector .SPLRCT down 0.3%.
In contrast, Walmart WMT.N raised its annual outlook and
the world's largest retailer posted better-than-expected
earnings, comparable sales and e-commerce growth in its largest
market during the third quarter. Walmart shares fell 0.8% after hitting a record high earlier
in the session, but the S&P 500 retail .SPXRT and consumer
discretionary .SPLRCD indexes were higher after company's
report.
“We have on display this front-end of the economy, the U.S.
consumer, that remains resilient and remains in a healthy place
in front of a very key holiday spending timeframe for the
economy," said Margaret Reid, senior portfolio manager at The
Private Bank at Union Bank in San Francisco.
That compares, Reid said, to "the back-end of the economy
that still seems to be plagued and weighed by U.S.-China trade
and global economic and political volatility."
The Dow Jones Industrial Average .DJI fell 36.93 points,
or 0.13%, to 27,746.66, the S&P 500 .SPX lost 1.41 points, or
0.05%, to 3,092.63 and the Nasdaq Composite .IXIC dropped
12.35 points, or 0.15%, to 8,469.76.
Stocks have recently run to all-time highs, with the Dow and
the S&P 500 posting record closing levels on Wednesday, helped
by the Federal Reserve's interest rate cuts, third-quarter
earnings topping low expectations and signs the economy may be
bottoming.
Fed Chair Jerome Powell on Thursday said the risk of the
U.S. economy facing a dramatic bust is remote, and investors
will next be looking to U.S. retail sales data on Friday to
gauge the health of the economy. On Thursday, real estate .SPLRCR was the top-performing
S&P 500 sector, rising 0.5%, while energy .SPNY and consumer
staples .SPLRCS lagged along with tech.
Dillard's Inc DDS.N shares jumped 14.8% after the
department store chain's quarterly results. Advancing issues outnumbered declining ones on the NYSE by a
1.20-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favored decliners.
The S&P 500 posted 23 new 52-week highs and 2 new lows; the
Nasdaq Composite recorded 64 new highs and 105 new lows.