U.S. stocks declined in early trade on Thursday despite better-than-expected weekly jobless claims data as disappointing earnings from Cisco Systems weighed on the sentiment.

The S&P 500 Index declined 6.08 points, or 0.46 percent, to trade at 1,315.13 at 9:45 a.m. EDT. The Dow Jones Industrial Average fell 49.42 points, or 0.40 percent, to trade at 12,190.47. The Nasdaq Composite Index declined 0.82 percent to trade at 2,766.43.

Applications for jobless benefits in the U.S. fell more than expected for the week ended Feb. 5, marking a drop for the second consecutive week. Initial jobless claims in the U.S. decreased by 36,000 to 383,000 compared with the revised figure of 419,000 in the previous week.

Cisco Systems, Inc. (NASDAQ:CSCO) shares plunged 11.96 percent as it guided third quarter revenue below Street view. The company expects third quarter net sales to grow 4 percent to 6 percent year-over-year, implying third quarter net sales of $10.78 billion to $10.99 billion, while Street predicts $11.85 billion.

Shares of PepsiCo Inc. (NYSE:PEP) declined 0.85 percent after its fourth quarter earnings fell 5 percent to $1.36 billion or $0.85 per share, from $1.43 billion or $0.90 per share in the same quarter a year-ago.

Shares of Credit Suisse Group AG (NYSE:CS) declined 6.37 percent as its fourth quarter earnings fell short of analysts’ expectations. Its fourth-quarter net profit rose 6.1 percent $876 million.

The euro declined 0.90 percent to 1.3609 against the dollar and the yen declined 0.85 percent against the greenback.

Crude oil futures declined 0.10 percent to $86.62/barrel and gold futures fell 0.75 percent.

European stock markets are currently trading lower with FTSE100 down by 50.64 points, DAX30 down by 35.37 points and CAC 40 down by 34.30 points.