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Market Opens With Losses

May 9, 2001

NEW YORK (AP) _ Stock prices are lower in early Wall Street trading. The Dow Jones Industrial Average is down 39 points. On the New York Stock Exchange, losers hold a 5-to-4 advantage over gainers.

The Nasdaq Composite Index has lost 43 points and the Standard & Poor’s 500 index is down seven points.

Stocks are facing some early pressure today after Cisco Systems posted its first ever net quarterly loss.

Cisco shares were sharply lower in extra-hours trading following the release of the company’s report.

Adding to the pessimism is word from National Semiconductor that it won’t meet earnings expectations.

Aside from the high-tech earnings troubles, there’s little to move the markets today.

The economic calendar is clear, and analysts say many investors are playing it safe ahead of a Federal Reserve interest rate meeting next week.

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