Dow Down 4; Nasdaq Drops 11

Stocks were mixed in early trading Wednesday after a warning from Texas Instruments stirred some anxiety about earnings and prompted investors to cash in gains from the market’s big rally.

The Dow Jones industrial average was down 3.70, or 0.04 percent, at 9,058.59, having gained 74 points in the previous session.

The broader market also fell modestly. The Nasdaq composite index lost 11.09, or 0.7 percent, to 1,616.58. The Standard & Poor’s 500 index declined 1.75, or 0.2 percent, to 983.09.

Stocks have surged in recent weeks on upbeat first-quarter earnings and hopes of an economic rebound by year’s end. But with the Dow and S&P now trading at levels not seen in nearly a year, many analysts believe the market is due for some pullbacks after moving upward so quickly.

Semiconductor stocks fell after Morgan Stanley downgraded the sector, citing overvaluation. Texas Instruments led the decline, falling $1.91 to $18.48, after the chip maker lowered its second-quarter outlook, while Motorola lost 13 cents to $8.43.

Sprint dropped 6 cents to $13.81 after the telecommunications giant said it would close its Web-hosting business, resulting in the loss of about 500 jobs and pretax charges of $400 million to $475 million.

The Russell 2000 index, a barometer of smaller company stocks, fell 3.07, or 0.7 percent, to 447.89.

Overseas, Japan’s Nikkei stock average finished 1.2 percent higher Wednesday. In Europe, France’s CAC-40 rose 0.7 percent, Britain’s FTSE 100 gained 0.5 percent and Germany’s DAX index advanced 0.8 percent.

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On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com