US stocks fell on Wednesday, with the Nasdaq dropping more than 1 percent, as Intel Corp dragged other technology issues lower and surging US labour costs renewed inflation concerns. Intel stock sank 2.8 percent and was a top drag on the Nasdaq after the chip maker said it will cut 10,500 workers or 10 percent of its work force by the middle of next year.
The Dow Jones industrial average was down 57.08 points, or 0.50 percent, at 11,412.20. The Standard & Poor's 500 Index was down 9.76 points, or 0.74 percent, at 1,303.49. The Nasdaq Composite Index was down 29.47 points, or 1.34 percent, at 2,176.23.