The Dow Jones Industrial Average traded near 53,700 on Thursday, remaining roughly 2% below its record high set on August 5. While the broader U.S. stock market remained relatively resilient, the Dow faced significant pressure from a sharp decline in one major component: Cisco Systems.

Cisco shares fell roughly 9%, making the company the biggest drag on the Dow during the session. The decline accounted for nearly 65 points of the Dow’s approximately 75-point drop, highlighting just how much influence a single stock can have on the price-weighted index.

The move came despite Cisco delivering a relatively positive outlook. The company’s revenue forecast and strong demand related to artificial-intelligence infrastructure pointed to continued business momentum. However, investors appeared concerned that expectations surrounding AI-related growth had become extremely high, triggering heavy selling in the stock.

The Dow’s structure also amplified Cisco’s impact. Unlike the S&P 500, which is weighted by market capitalization, the Dow is price-weighted, meaning stocks with higher share prices have a greater influence on the index’s daily movements.

Meanwhile, expectations for U.S. interest rates also shifted. The probability of a December rate hike fell to 68.3%, down from an almost fully priced increase just three sessions earlier. The change reflects growing uncertainty among investors over the Federal Reserve’s future policy path.

Overall, Thursday’s session showed how a single heavyweight stock can shape the Dow’s performance. While other major indexes remained comparatively strong, Cisco’s sharp sell-off was responsible for most of the Dow’s decline, making it the defining story of the session.