NEW YORK, May 7 - 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 (T.N) and Verizon (VZ.N) 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)