Stocks trade lower. Movers: American Airlines, Cisco, Disney, more

Stocks edged lower in afternoon trading. The S&P 500 fell 0.34%, while the tech-heavy Nasdaq Composite dropped 0.36%. The Dow Jones Industrial Average slipped 0.3%.

The Russell 2000 Index, which is often seen as a barometer for smaller-cap companies, lost 1.1%.

Bitcoin, which recently surged to a record, fell 1.1% to $89,509.

These moves follow Thursday's release of the October Producer Price Index, which showed a 0.2% increase, aligning with forecasts from economists surveyed by Dow Jones.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

The worst-performing five S&P 500 stocks with the largest midday drop are:

Stocks also worth noting include:

Cisco stock falls after earnings beat

Cisco shares lost 2% midday after the networking-equipment giant reported a fourth consecutive quarter of declining revenue, though it surpassed analyst expectations.

For the fiscal first quarter ended Oct. 26 the company reported adjusted earnings of 91 cents a share, above the 87 cents analysts expected. Revenue fell 6% from a year earlier to $13.84 billion, which topped the $13.77 billion consensus estimate.

Related: Analysts reset Cisco stock price targets after earnings

Networking revenue declined 23% to $6.75 billion, under the $6.8 billion consensus, while security revenue doubled to $2.02 billion, exceeding expectations. Cisco’s collaboration segment saw revenue of $1.09 billion, slightly below estimates.

Chief Executive Chuck Robbins noted that AI-related orders from large clients surpassed $300 million, and Cisco remains confident in hitting $1 billion in AI orders this fiscal year.

The company raised its full-year guidance, now forecasting adjusted EPS of $3.60 to $3.66 on revenue between $55.3 billion and $56.3 billion.

That's up from the previous projection of $3.52 to $3.58 in EPS and $55 billion to $56.2 billion in revenue. Analysts expect adjusted EPS of $3.58 for the year on $55.89 billion in revenue.

Disney stock surges after earnings

Disney gained 6% after the company reported fiscal-fourth-quarter earnings that surpassed analyst expectations, driven by growth in its streaming and entertainment segments.