{"id":43597,"date":"2023-08-02T13:59:23","date_gmt":"2023-08-02T17:59:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nasdaq-falls-over-2-leading-stock-losses-after-fitch-lowers-u-s-credit-rating\/"},"modified":"2023-08-02T13:59:25","modified_gmt":"2023-08-02T17:59:25","slug":"nasdaq-falls-over-2-leading-stock-losses-after-fitch-lowers-u-s-credit-rating","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43597","title":{"rendered":"Nasdaq falls over 2%, leading stock losses after Fitch lowers U.S. credit rating"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002352869\" role=\"document\">\n<p>Stocks traded lower Wednesday as markets were rattled by a lowering of the U.S. government\u2019s credit rating by Fitch Ratings, while bond yields rose when the Treasury boosted the size of its debt sales, though data from ADP showed that the labor market is still quite strong. <\/p>\n<h2>How are stocks trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       declined 260 points, or 0.7% to 35,369<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       fell 54 points, or 1.2% to 4,521<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       dropped 299 points, or 2.1% to 13,987<\/p>\n<\/li>\n<\/ul>\n<p>On Tuesday, the Dow Jones Industrial Average rose 71 points, or 0.2%, to 35631, the S&amp;P 500 declined 12 points, or 0.27%, to 4577, and the Nasdaq Composite dropped 62 points, or 0.43%, to 14284.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>U.S. stocks fell on Wednesday as a broad risk-off sentiment returned following weeks of rally fueled by the euphoria around artificial intelligence and hopes that the U.S. economy can avoid a recession as inflation falls. <\/p>\n<p>Late Tuesday the rating agency Fitch lowered the U.S.\u2019s credit rating from AAA to AA+, citing \u201cexpected fiscal deterioration\u201d and an \u201cerosion of governance\u201d. <\/p>\n<p>The decision serves up an extra dose of uneasiness among investors already concerned about the risks of a recession as a result of the Federal Reserve\u2019s  monetary tightening, and whether this year\u2019s stock-market rally still has room to run. <\/p>\n<p>Fitch\u2019s decision followed a similar move by S&amp;P Global Ratings in 2011 after a previous fight in Congress over raising the debt ceiling. The U.S. Treasury market acts as a global benchmark upon which many financial products are based and so uncertainty about its stability can cause anxiety for investors.<\/p>\n<p><strong>See: <\/strong>Fitch cuts U.S. credit rating: Here\u2019s what you need to know<\/p>\n<p>The news found a stock market arguably vulnerable to unwelcome surprises, with the S&amp;P 500 index having already gained nearly 18% this year and the tech-heavy Nasdaq Composite up 34%. However, the S&amp;P 500 on Wednesday is on pace for its largest one-day point and percentage decline since April 25, while the Nasdaq is on track for its largest one-day point drop since December 15, 2022, according to Dow Jones Market Data. <\/p>\n<p>The CBOE VIX Index, an option-based gauge of expected S&amp;P 500 volatility, jumped 16% to 16.2, the highest level since May 31, according to FactSet data. <\/p>\n<p>\u201cMarkets will take some time to digest the news,\u201d said Frank Lietke, executive director and president at Ally Invest Securities.\u00a0<\/p>\n<p>However, he said he doesn\u2019t expect the lowering to cause the stock market much long-term damage. \u201cWe\u2019ve seen this before,\u201d Lietke said. \u201cThis alone won\u2019t be enough to put significant downward pressure\u00a0on stocks.\u201d<\/p>\n<p>Also earlier Wednesday, the U.S. Treasury published its August refunding statement. It said it is\u00a0offering $103 billion of Treasury securities to refund about $84 billion of privately-held Treasury notes and bonds maturing in mid-August.\u00a0The issuance will raise new cash from private investors of around $19 billion.<\/p>\n<p>\u201cWall Street can\u2019t ignore what is happening with fixed income as Treasury yields surge after the Treasury had to increase the size of their planned quarterly sale of longer-term debt for the first time in over 2 \u00bd years,\u201d noted Edward Moya, senior analyst at Oanda, in a note. <\/p>\n<p>The yield on the 30-year Treasury\u00a0<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       rose 7 basis points to 4.175% from 4.104% late Tuesday. Tuesday\u2019s level was the highest since Nov. 9, according to Dow Jones Market Data. The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n      \u00a0advanced 5 basis points to 4.093% from 4.048% Tuesday afternoon. <\/p>\n<p><strong>See also: <\/strong>\u2018Eye-popping\u2019 $1 trillion third-quarter borrowing need from U.S. Treasury raises risk of buyers\u2019 fatigue<\/p>\n<p>The second-quarter earnings reporting season continued to roll on with results  Wednesday including CVS Health<br \/>\n        CVS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209664499\/composite\" class=\"positive\">+3.53%<\/bg-quote><span>,<\/span><br \/>\n       Humana<br \/>\n        HUM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203095337\/composite\" class=\"positive\">+5.86%<\/bg-quote><br \/>\n       and Carlyle Group<br \/>\n        CG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200142014\/composite\" class=\"negative\">-7.66%<\/bg-quote><br \/>\n       before the opening bell, followed after the close by PayPal<br \/>\n        PYPL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208054269\/composite\" class=\"negative\">-3.09%<\/bg-quote><span>,<\/span><br \/>\n       Shopify<br \/>\n        SHOP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209033712\/composite\" class=\"negative\">-7.14%<\/bg-quote><br \/>\n       and Qualcomm<br \/>\n        QCOM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206679220\/composite\" class=\"negative\">-1.61%<\/bg-quote><span>.<\/span>\n      <\/p>\n<p>Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said \u201cthe market remains sensitive as the final throes of earnings season rumble on, but 82% of S&amp;P 500 companies that have reported results so far have surprised to the upside, offering a bit of a sentiment buffer.\u201d<\/p>\n<p>In U.S. economic data, private-sector employment rose by 324,000 in July, payroll processor ADP said, in a sign that businesses continue to hire in response to steady economic growth. Economists polled by the Wall Street Journal had forecast a gain of 175,000. In its revised figures for June, ADP said 455,000 new jobs were created instead of the initially reported 497,000. <\/p>\n<p>\u201cThe ADP report is favorable for the economy\u2019s prospects of securing a soft landing, meaning inflation returning to the Fed\u2019s target without a large downturn,\u201d according to Bill Adams, Chief Economist for Comerica Bank. <\/p>\n<p>\u201cTo do that, the economy needs to cool enough that labor demand and supply come better into alignment, but not so much that job losses at employers that are cutting back overwhelm the effect of hiring at employers that are still expanding.\u201d<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Advanced Micro Devices Inc.<\/strong><br \/>\n        AMD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208144392\/composite\" class=\"negative\">-6.85%<\/bg-quote><br \/>\n       fell 6.9% Wednesday after the chipmaker beat on earnings, and a forecast a bounce back in its PC chip business. <\/p>\n<\/li>\n<li>\n      <strong>Starbucks Corp.<\/strong><br \/>\n        SBUX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207508890\/composite\" class=\"positive\">+1.93%<\/bg-quote><br \/>\n       rose 2.6% even though the coffee chain reported third-quarter same-store sales that missed expectations, despite a big rebound in China. <\/p>\n<\/li>\n<li>\n      <strong>Merck &amp; Co<\/strong>.<br \/>\n        MRK,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209956077\/composite\" class=\"positive\">+0.02%<\/bg-quote><br \/>\n       stock climbed 1.1% after the pharmaceutical company swung to a second-quarter loss as it booked a charge related to its $10.8 billion acquisition of Prometheus Biosciences Inc.<\/p>\n<\/li>\n<li>\n      <strong>Kraft Heinz Co.<\/strong><br \/>\n        KHC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203625533\/composite\" class=\"positive\">+0.82%<\/bg-quote><br \/>\n       gained 1% after the parent of Heinz ketchup, Jell-O and Cheez Whiz consumer foods reported second-quarter sales that came up short of expectations, as an 11% jump in pricing wasn\u2019t enough to offset a 7% drop in volume and mix and market share pressure.\u00a0<\/p>\n<\/li>\n<li>\n      <strong>Yum Brands Inc.<\/strong> stock\u00a0<br \/>\n        YUM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209029767\/composite\" class=\"negative\">-0.52%<\/bg-quote><br \/>\n       traded nearly flat Wednesday, after the parent of Taco Bell, Pizza Hut and KFC fast-food restaurants beat profit estimates for the second quarter but posted weaker-than-expected revenue.\u00a0<\/p>\n<\/li>\n<li>\n      <strong>CVS Health Corp.<\/strong>\u00a0<br \/>\n        CVS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209664499\/composite\" class=\"positive\">+3.53%<\/bg-quote><br \/>\n       went up 3.9% after the drug store chain and health care services company reported second-quarter profit and revenue that beat expectations, amid strength in the health care benefits business.\u00a0<\/p>\n<\/li>\n<\/ul>\n<p><em>Jamie Chisholm contributed<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/stock-futures-slide-after-fitchs-u-s-downgrade-sours-the-market-mood-a5b51637?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stocks traded lower Wednesday as markets were rattled by a lowering of the U.S. government\u2019s credit rating by Fitch Ratings, while bond yields rose when the Treasury boosted the size of its debt sales, though data from ADP showed that the labor market is still quite strong. How are stocks trading The Dow Jones Industrial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":42745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-43597","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nasdaq falls over 2%, leading stock losses after Fitch lowers U.S. credit rating | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Stocks traded lower Wednesday as markets were rattled by a lowering of the U.S. government\u2019s credit rating by Fitch Ratings, while bond yields rose when\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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