{"id":44633,"date":"2023-08-04T20:24:51","date_gmt":"2023-08-05T00:24:51","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chip-and-software-stocks-edge-lower-after-fitch-downgrade\/"},"modified":"2023-08-04T20:24:53","modified_gmt":"2023-08-05T00:24:53","slug":"chip-and-software-stocks-edge-lower-after-fitch-downgrade","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=44633","title":{"rendered":"Chip and software stocks edge lower after Fitch downgrade"},"content":{"rendered":"
\n

The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday.<\/p>\n

After rising for seven straight months, the S&P 500 Information Technology sector is down 2.4% to kick off August. Other tech-sector indicators are off as well, with the PHLX Semiconductor ETF down 3.7% and the iShares Expanded Tech Software ETF off 3.6%.<\/p>\n

\n

The last time the U.S. credit rating got downgraded, back in 2011, Apple Inc.\u2019s
\n AAPL,
\n -4.80%<\/bg-quote>
\n Steve Jobs was busy pitching the new iCloud service while preparing to leave the company he founded for a second time. This time around, Fitch Ratings lowered its rating of U.S. government debt to AA+ from AAA, and Apple, which reports earnings after the bell Thursday, has seen shares decline nearly 2% since the downgrade. <\/p>\n

Flashback to August 2011:<\/strong> The top 10 events that shaped a bear of an August<\/p>\n

Month to date, shares of Nvidia Corp.
\n NVDA,
\n +0.37%<\/bg-quote>
\n \u2014 which reports on Aug. 23 and has seen its stock more than triple this year \u2014 and other hot chip stocks like Marvell Technology Inc.
\n MRVL,
\n +0.55%<\/bg-quote>
\n and Lam Research Corp.
\n LRCX,
\n -0.42%<\/bg-quote>
\n have declined more than 4%, while Advanced Micro Devices Inc., which is up 76% year to date, is down 0.5% for August so far.<\/p>\n

Read: <\/strong>Warren Buffett dismisses Fitch downgrade: \u2018There are some things you shouldn\u2019t worry about\u2019<\/p>\n

On the software side, Microsoft Corp.
\n MSFT,
\n +0.34%<\/bg-quote>
\n and Oracle Corp.
\n ORCL,
\n -0.10%<\/bg-quote>
\n shares are down more than 2% for the month so far, while Adobe Inc.\u2019s
\n ADBE,
\n +0.60%<\/bg-quote>
\n have slid 3%, and Salesforce Inc.
\n CRM,
\n -0.45%<\/bg-quote>
\n shares have dropped 4%, and shares of cybersecurity company Palo Alto Networks Inc.
\n PANW,
\n -8.06%<\/bg-quote>
\n have fallen nearly 6%, according to FactSet.<\/p>\n

Meanwhile, the SOX index is still up 46% year to date this year, the IGV index is up 37%, while the S&P 500 has grown 17%, and the Nasdaq has rallied 33%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight months, the S&P 500 Information Technology sector is down 2.4% to kick off August. Other tech-sector indicators are off as well, with the PHLX Semiconductor ETF down 3.7% and the iShares […]<\/p>\n","protected":false},"author":1,"featured_media":44634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-44633","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChip and software stocks edge lower after Fitch downgrade | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=44633\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chip and software stocks edge lower after Fitch downgrade | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=44633\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-05T00:24:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-05T00:24:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1691195092_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=44633#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=44633\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Chip and software stocks edge lower after Fitch downgrade\",\"datePublished\":\"2023-08-05T00:24:51+00:00\",\"dateModified\":\"2023-08-05T00:24:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=44633\"},\"wordCount\":317,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=44633#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=44633\",\"url\":\"https:\/\/ifintechworld.com\/?p=44633\",\"name\":\"Chip and software stocks edge lower after Fitch downgrade | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-05T00:24:51+00:00\",\"dateModified\":\"2023-08-05T00:24:53+00:00\",\"description\":\"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=44633#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=44633\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=44633#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Chip and software stocks edge lower after Fitch downgrade\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Chip and software stocks edge lower after Fitch downgrade | iFintechWorld","description":"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=44633","og_locale":"en_US","og_type":"article","og_title":"Chip and software stocks edge lower after Fitch downgrade | iFintechWorld","og_description":"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight","og_url":"https:\/\/ifintechworld.com\/?p=44633","og_site_name":"iFintechWorld","article_published_time":"2023-08-05T00:24:51+00:00","article_modified_time":"2023-08-05T00:24:53+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1691195092_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=44633#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=44633"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Chip and software stocks edge lower after Fitch downgrade","datePublished":"2023-08-05T00:24:51+00:00","dateModified":"2023-08-05T00:24:53+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=44633"},"wordCount":317,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=44633#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=44633","url":"https:\/\/ifintechworld.com\/?p=44633","name":"Chip and software stocks edge lower after Fitch downgrade | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-05T00:24:51+00:00","dateModified":"2023-08-05T00:24:53+00:00","description":"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=44633#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=44633"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=44633#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Chip and software stocks edge lower after Fitch downgrade"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/44633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44633"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/44633\/revisions"}],"predecessor-version":[{"id":44635,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/44633\/revisions\/44635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/44634"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}