The Nasdaq turned lower on Thursday, and the Dow and the S&P 500 cut gains, as a sell-off in big-cap technology and telecommunications companies weighed.

* The tech and telecoms drag offset hopes that bank stress tests results would reveal that most banks are healthier than previously thought.

* JPMorgan cut AT&T Inc and Verizon to neutral from overweight. On the tech front, the semiconductor index <.SOXX> shed more than 4 percent.

* The Dow Jones industrial average <.DJI> was down 27.48 points, or 0.32 percent, at 8,484.80. The Standard & Poor's 500 Index <.SPX> was down 2.29 points, or 0.25 percent, at 917.24. The Nasdaq Composite Index <.IXIC> was down 26.25 points, or 1.49 percent, at 1,732.85.

(Reporting by Ellis Mnyandu; Editing by Padraic Cassidy)