NEW YORK (CNNfn) - The Nasdaq composite index fell sharply at Wednesday's open after CIBC World Markets downgraded tech bellwether Cisco Systems, sparking a broad sell-off.

The Dow Jones industrial average didn't fare much better as investors sold technology and industrial issues.

At 9:40 a.m. ET, the Nasdaq plunged 63.44, or more than 2 percent, to 2,377.86. The Dow fell 72.39 to 10,500.16, while the S&P 500 shed 10.84 to 1,289.96.

Cisco Systems (CSCO: Research, Estimates) tumbled $3 to $34.13 after CIBC World Markets analyst Steve Kamman cut its rating to"hold" from"buy."

AMR shares slipped 31 cents to $38.38 after its American Airlines unit announced plans to take over Trans World Airlines.



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