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Intel falls on downgrade, takes Nasdaq lower

The Nasdaq Composite fell 1 percent in morning trading on Tuesday, pressured by declines in shares of Apple, Microsoft, Intel and Oracle.

The Dow Jones industrial average fell 43.39 points, or 0.32 percent, to 13,540.26. The S&P 500 dropped 7.30 points, or 0.50 percent, to 1,448.58. The Nasdaq Composite lost 38.17 points, or 1.23 percent, to 3,074.19.

Intel fell 2.7 percent to $21.89 after Sanford Bernstein cut the chipmaker to an "underperform" rating.

(Editing by Kenneth Barry)