U.S. Stock Futures Fall After Fitch Downgrades U.S. Rating
U.S. stock futures fell Wednesday morning after Fitch downgraded the U.S.’s long-term rating and traders continued to assess the latest batch of second-quarter earnings results.
Dow Jones Industrial Average futures slid by 103 points, or 0.29%. S&P 500 and Nasdaq-100 futures dipped 0.44% and 0.63%, respectively.
Fitch Ratings lowered the U.S.’s long-term foreign currency issuer default rating to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.”
Advanced Micro Devices rose 2% in extended trading after reporting better-than-expected quarterly results. Meanwhile, SolarEdge Technologies tumbled 12% after missing second-quarter revenue expectations.
Those moves came after a lackluster first day of trading in August in the S&P 500. On Tuesday, the broad market index fell 0.27%, while the Nasdaq Composite declined 0.43%. Meanwhile, the Dow Jones Industrial Average added 71.15 points, or 0.2%. At one point during the session, the Dow reached its highest level since February 2022.
Source : CNBC
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