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☆ Oil rises marginally as markets weigh inventory data, US ratings downgrade
▼ + stars: | 2023-08-03 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

A oil pump is seen at sunset outside Scheibenhard, near Strasbourg, France, October 6, 2017. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. U.S. crude stocks fell by a record 17 million barrels last week as refiners stepped up runs and exports topped 5 million barrels per day (bpd), the Energy Information Administration said on Wednesday. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue.

Persons: Christian Hartmann, Fitch, refiners, Andrew Hayley Our Organizations: REUTERS, Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters, Thomson Locations: Scheibenhard, Strasbourg, France, BEIJING, U.S, Saudi Arabia, Russia, Moscow

☆ US stocks fall as bond yields jump and investors await Apple, Amazon earnings
▼ + stars: | 2023-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks closed lower on Thursday as investors awaited for Apple and Amazon earnings to roll out. The 10-year Treasury surged 11 basis points, continuing its rise following Fitch's US credit downgrade. Commentators say that US dollar and Treasury assets are still a safe haven for investors. Apple and Amazon stock traded mostly flat as investors waited for the mega-cap firms to release their financials. Both are due to report quarterly earnings after the closing bell.

Persons: . Fitch, Fitch, Goldman Sachs, Jamie Dimon, Warren Buffett Organizations: Apple, Treasury, Service, ., AAA, US, JPMorgan Locations: Wall, Silicon

☆ Manchin warns government to step up after Fitch credit rating downgrade
▼ + stars: | 2023-08-03 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Senator Joe Manchin (D-WV) arrives prior to Israeli President Isaac Herzog's address to a joint meeting of Congress at the U.S. Capitol in Washington, July 19, 2023. WASHINGTON — Sen. Joe Manchin on Thursday called on his colleagues to take sorely needed budgetary steps to strengthen the economy after Fitch credit analysts' recent decision to downgrade the United States' long-held foreign issuer default rating. Fitch downgraded the U.S. credit rating from AA+ to AAA on Tuesday, months after having placed the nation's rating on negative watch in May. The credit rating firm cited the U.S. government's lengthy debt ceiling debate, along with the Jan. 6, 2021 insurrection at the U.S. Capitol, in its decision. Manchin's warning comes a day after Treasury Secretary Janet Yellen called the Fitch downgrade decision "entirely unwarranted" based on a "flawed assessment."

Persons: Joe Manchin, Isaac Herzog's, WASHINGTON — Sen, Fitch, Manchin, CNBC's, we're, Janet Yellen Organizations: U.S, Capitol, AAA, U.S . Capitol, West Virginia Democrat Locations: Washington, States

☆ Oil rises marginally as markets weigh inventory data, U.S. ratings downgrade
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch's downgrade of the U.S. government's top credit. Both benchmarks had been trading at near their highest levels since April on Wednesday, but closed down 2% amid risk-off investor sentiment following the ratings downgrade. Wall Street's three main indexes closed lower and Treasury yields rose on Wednesday as uncertainty rippled through financial markets. The inventory drawdown, which dramatically exceeded analysts' expectations in a Reuters poll of 1.4 million barrels, pointed to global demand outpacing supply as deep cuts from major producers continue. Reuters reporting suggests that OPEC+ is unlikely to tweak its current oil output policy, with Saudi Arabia expected to extend their voluntary 1 million bpd cut for another month to include September.

Persons: Fitch, refiners Organizations: Brent, U.S, West Texas, AAA, U.S ., Energy Information Administration, Organization of, Petroleum, Reuters Locations: Red, Ras Behar, Egypt, U.S, Saudi Arabia, Russia, Moscow

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

☆ The January 6 riot factored into Fitch's shock US credit rating downgrade, report says
▼ + stars: | 2023-08-03 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Fitch factored the January 6 riot into its decision to slash the US's credit rating, per Reuters. The ratings agency announced a surprise downgrade Tuesday, rattling stocks. Fitch cut the US's credit rating from top-tier AAA to AA+ late Tuesday, citing "a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters". Biden administration officials immediately hit back at Fitch's downgrade, which Treasury Secretary Janet Yellen called "arbitrary and based on outdated data". Fitch is the second of the "Big Three" ratings agencies to cut the US's credit score.

Persons: Fitch, Richard Francis, Francis, Joe Biden, Fitch's, Biden, Janet Yellen Organizations: Service, Reuters, Trump, Treasury, Republicans, AAA, AA, House Republicans, Nasdaq, Dow Jones, Global Locations: Wall, Silicon, Washington

☆ Short-term impact of Fitch Ratings' U.S. downgrade will be 'minimal,' DBS Bank CEO says
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShort-term impact of Fitch Ratings' U.S. downgrade will be 'minimal,' DBS Bank CEO saysPiyush Gupta, CEO of the Singapore bank, discusses Fitch Ratings' decision to downgrade the United States' long-term foreign currency issuer default rating to AA+ from AAA.

Persons: Piyush Gupta, Fitch Organizations: Fitch, DBS Bank, AAA Locations: Singapore, States

☆ US investors are searching overseas for opportunities
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —Despite the gains in US stocks this year, some investors are looking for opportunities elsewhere. That’s despite what’s been shaping up to be a banner year for the US stock market — at least prior to this week’s US credit rating downgrade (more on that below). But some investors say that cheaper valuations for non-US stocks, compared to their domestic counterparts, are enticing some on Wall Street to look for deals overseas. The S&P 500 index currently trades at about 19.6 times its expected earnings, according to FactSet. That MSCI All Country World ex USA index has risen roughly 9% on a US dollar basis, underperforming the S&P 500.

Persons: Goldman Sachs, That’s, what’s, ”, Adam Turnquist, China’s, Jimmy Lee, bode, Fitch, ” Richard Francis, CNN’s Matt Egan, Francis, “, ” Francis, Janet Yellen, Obama, Jason Furman, Larry Summers, Read, Sam Stovall Organizations: CNN Business, Bell, CNN, Investors, Federal Reserve, LPL, Global, The Wealth Consulting, America, Fitch, Treasury Department, AAA

☆ Warren Buffett waves off Fitch's cut to America's credit rating - and says he's buying Treasuries as normal
▼ + stars: | 2023-08-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett isn't stressing about Fitch's cut to America's credit rating this week. Berkshire Hathaway continues to buy $10 billion of US Treasuries every Monday, he told CNBC. Buffett said the US dollar's status as the world's reserve currency remains intact. He added that the only question is whether Berkshire will buy $10 billion of 3-month or 6-month Treasuries next Monday. Fitch's rating cut spooked investors this week, as it signaled reduced confidence in the safety of US government debt.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, CNBC's Becky Quick, Berkshire's, He's Organizations: Berkshire, CNBC, Service, AAA, AA, Fed Locations: US, Wall, Silicon, Berkshire

☆ If the Fed keeps hiking, the U.S. will be in danger, says asset management firm
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf the Fed keeps hiking, the U.S. will be in danger, says asset management firmSimon Fentham-Fletcher, CIO of Freedom Asset Management, discusses the U.S. economic outlook and Fitch Ratings' decision to downgrade the country's long-term foreign currency issuer default rating to AA+ from AAA.

Persons: Simon Fentham, Fletcher, Fitch Organizations: Asset Management, AAA Locations: U.S

☆ White House, Protecting Biden’s Economic Message, Hits Back on Credit Downgrade
▼ + stars: | 2023-08-03 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

When the Fitch Ratings agency announced this week that it was downgrading its long-term credit rating of the United States from AAA to AA+, Biden administration officials were ready — and angry. Administration officials had been lobbying Fitch against the downgrade, which bewildered many economists but became immediate fodder for congressional Republicans and nonpartisan budget hawks to criticize the nation’s current fiscal direction. When the ratings agency went through with the move anyway, President Biden’s team mobilized a rapid response, with economic heavyweights inside and outside the administration criticizing the timing and substance of the announcement. The swift pushback was an effort to keep the downgrade from tarnishing Mr. Biden’s economic record amid a run of good news in key measures of the health of the American economy. And its aggressiveness reflected the critical importance of an improving economic outlook to Mr. Biden’s re-election campaign.

Persons: Biden, Fitch, Biden’s, Mr Organizations: Fitch, AAA, AA Locations: United States

☆ Asia markets set to fall as Wall Street sees selloff after U.S. credit downgrade
▼ + stars: | 2023-08-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Central Hong Kong and the IFC tower seen from the Avenue of Stars in Tsim Sha Tsui. (Photo by Marc Fernandes/NurPhoto via Getty Images)Asia-Pacific markets are set to extend losses Thursday tracking Wall Street's selloff after ratings agency Fitch downgraded the United States' long-term credit rating from AAA to AA+. In Asia, investors will be watching the Caixin survey for China's service sector activity in Juy. Futures for Hong Kong's Hang Seng index stood at 19,403, pointing to a weaker open compared to the HSI's close of 19,517,38. In Australia, futures for the S&P/ASX 200 were at 7,241 compared to the last close of 7,354.6.

Persons: Marc Fernandes, Fitch Organizations: IFC, Tsim Sha Tsui, Getty Images, United, AAA, AA Locations: Hong Kong, Tsim Sha, Asia, Pacific, United States, 19,517,38 . Hong Kong, Chicago, Osaka, Australia

☆ The Fitch U.S. ratings cut is here to stay, says analyst who worked on the S&P downgrade in 2011
▼ + stars: | 2023-08-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

In this article ANF Follow your favorite stocks CREATE FREE ACCOUNTFitch Ratings in New York, United States. Cem Ozdel | Anadolu Agency | Getty Imageswatch now"The ratings are basically a slow-moving signal," he told CNBC's "Squawk Box Europe" on Thursday. Hentov was part of the Standard & Poor's team that famously downgraded the U.S. government's credit rating in 2011, citing political polarization after a prolonged and fraught squabble in Washington over raising the debt ceiling. In May of this year, another standoff between the White House and opposition Republicans over raising the U.S. debt limit once again pushed the world's largest economy to the brink of defaulting on its bills, before President Joe Biden and House Speaker Kevin McCarthy struck a last-minute deal. Asked if the U.S. was likely to regain its "risk-free" AAA rating from Fitch anytime soon, Hentov responded with a flat "no."

Persons: Cem Ozdel, CNBC's, Hentov, Joe Biden, Kevin McCarthy Organizations: Anadolu Agency, Getty, White House, Fitch Locations: New York, United States, U.S, Washington

☆ Warren Buffett says he’s not worried about Fitch’s U.S. downgrade
▼ + stars: | 2023-08-03 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

Warren Buffett tours the floor ahead of the Berkshire Hathaway Annual Shareholder's Meeting in Omaha, NE. Warren Buffett shrugged off Fitch's U.S. credit rating downgrade, noting it doesn't change what his conglomerate, Berkshire Hathaway , is doing at the moment. On Tuesday, Fitch lowered its long-term foreign currency issuer default rating for the U.S. to AA+ from AAA. Buffett noted these concerns are valid, and the Oracle of Omaha said he doesn't agree with everything the federal government is doing. "The dollar is the reserve currency of the world, and everybody knows it," Buffett said.

Persons: Warren Buffett, Berkshire Hathaway, Treasurys, Buffett, CNBC's Becky Quick, Fitch, it's Organizations: Berkshire Hathaway, Berkshire, AAA, Oracle, Treasurys Locations: Omaha, Fitch's, Berkshire, U.S

☆ Warren Buffett isn’t worried about Fitch’s downgrade
▼ + stars: | 2023-08-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Warren Buffett is shrugging off Fitch Ratings’ historic downgrade of US credit from the top AAA grade to AA+. The “Oracle of Omaha” told CNBC on Thursday that his company, Berkshire Hathaway, bought $10 billion worth of US Treasuries on Monday and did the same exactly a week prior. “The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],” Buffett said. That suggests that much like others on Wall Street, Buffett believe Fitch’s downgrade won’t have much of a long-lasting, negative impact on the economy, the government’s ability to borrow, nor the safety of US Treasuries. Even after the most recent downgrade, Moody’s has kept its top rating of US credit.

Persons: New York CNN — Warren Buffett, Omaha ”, Berkshire Hathaway, ” Buffett, Buffett, Moody’s Organizations: New, New York CNN, Fitch, AAA, CNBC, AA Locations: New York, Omaha, Berkshire, United States

☆ 'Rich Dad Poor Dad' author Robert Kiyosaki warns of a market 'crash landing' after US credit rating gets slashed
▼ + stars: | 2023-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Investors should brace for an epic "crash landing" to hit markets and the economy, Robert Kiyosaki said. The "Rich Dad Poor Dad" author pointed to Fitch's move to slash the US credit rating from AAA to AA+. "Brace for crash landing. Kiyosaki has been sounding the alarm for a steep recession and an epic stock market crash for years, calling for the greatest market crash in world history in 2021. Many economists, meanwhile, are warming to the idea that the US will see a soft landing of its economy.

Persons: Robert Kiyosaki, Dad, Kiyosaki, Rich Dad, —, Fitch, " Brace, He's ramped, didn't, DataTrek, Nicholas Colas, Larry Summers, Warren Buffett, Jamie Dimon Organizations: AAA, AA, Service, Fed, Treasury Locations: Wall, Silicon

The fallout from Fitch’s downgrade continuesStocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. But others have said Fitch’s move, while largely symbolic, still points to long-term troubles for the nation and its fiscal health. “There is no willingness on any side to really tackle the underlying challenges,” Mr. Francis said. But “it doesn’t really matter much,” Jamie Dimon, JPMorgan Chase’s C.E.O., told CNBC yesterday, echoing a common refrain to Fitch’s move. Critics of the move noted that according to criteria laid out last year by Fitch itself, including debt-to-G.D.P.

Persons: Richard Francis, Fitch’s, standoffs, ” Mr, Francis, ” Jamie Dimon, JPMorgan Chase’s, Fitch Organizations: Fitch, United States’s AAA, Wall, U.S, Times, JPMorgan, CNBC Locations: U.S

☆ Saudi Arabia to Extend Oil Production Cut by a Month
▼ + stars: | 2023-08-03 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

In a move to support oil prices, Saudi Arabia said Thursday it would extend its decision to cut oil production by one million barrels a day for another month, to September. Oil prices have recovered strongly in recent weeks partly because of smaller stockpiles of fuel in the United States, but China’s tepid economic recovery has kept oil prices under pressure for most of the year. Saudi leaders need oil prices to stay high because the money from energy sales pays for government spending and ambitious plans to diversify the country’s economy beyond petroleum and petroleum products. The global Brent oil price, which climbed by 16 percent in July, rose less than 1 percent, to about $84 a barrel, after the Saudi announcement on Thursday. The Saudi move could put additional pressure on U.S. gasoline prices, which have surged over the last month.

Persons: Alexander Novak Organizations: Saudi, AAA, Reuters Locations: Saudi Arabia, United States, Saudi, Russia, China, India, Ukraine

☆ U.S. won't regain its Fitch AAA status without political stability, economist says
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. won't regain its Fitch AAA status without political stability, economist saysElliot Hentov, head of macro policy research at State Street Global Advisors, says this week's Fitch downgrade is unlikely to be reversed without a much more stable political landscape. Hentov was a member of the S&P team that downgrade the U.S. sovereign credit rating in 2011.

Persons: Elliot Hentov, Fitch, Hentov Organizations: U.S, Fitch AAA, Street Global Advisors

The 10-year Treasury was up about 6 basis points at 4.136%, trading around levels last seen in November 2022. Treasury yields rose on Thursday as investors digested Fitch Ratings' decision to cut the U.S.' long term foreign currency issuer default rating and looked ahead to key economic data. Investors considered what could be next for the U.S. economy as they weighed recent developments and awaited key economic data. Looking ahead, investors are awaiting a series of key economic data that could provide fresh hints about the state of the labor market and inform the Federal Reserve's next interest rate policy moves. Also on Thursday, the Bank of England is due to announce its latest interest rate decision as it continues to battle persistently high inflation.

Persons: Fitch, Dow Jones Organizations: Treasury, ., Investors, Fitch, AAA, AA, Federal, ADP, Bank of England Locations: U.S

☆ What this week's U.S. credit rating downgrade means for your money
▼ + stars: | 2023-08-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Markets hit the skids on Wednesday after Fitch Ratings downgraded its rating on U.S. debt to AA+ on Tuesday evening — one notch below the agency's highest rating of AAA. "The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management," the rating firm said in a press release. In historical context, though, this week's downgrade is less of a big deal than it seems, experts say. the rating agency dinged Uncle Sam's once perfect credit rating. "In some ways, the S&P downgrade echoes the current downgrade from Fitch," Sam Millette, fixed income strategist for the Commonwealth Financial Network, wrote in a recent note.

Persons: Fitch, Ryan Detrick, — Fitch, —, Bonds, Uncle Sam's, Jon Maier, hasn't, Sam Millette, Maier Organizations: Fitch, AAA, Nasdaq, Dow, Carson Group, Moody's, Global, Commonwealth Financial Network Locations: Washington, creditworthiness, Fitch

☆ Bill Ackman says he's shorting 30-year Treasury bills, and yields could hit 5.5% 'soon'
▼ + stars: | 2023-08-03 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Billionaire investor Bill Ackman said he is betting against 30-year U.S. Treasurys as a hedge against the impact of long-term rates on stocks in "a world with persistent 3% inflation." Ackman, the founder of Pershing Square Capital Management, also said he is "short in size" on the 30-year U.S. Treasurys because it's "a high probability standalone bet." "We implement these hedges by purchasing options rather than shorting bonds outright," Ackman said said late Wednesday. Ackman argued that if U.S. inflation is 3% in the long term instead of 2%, 30-year Treasury yields could hit 5.5% "and it can happen soon." U.S. inflation stood at 3% in June, while yields on 30-year Treasury hit 4.2% — its highest since early November.

Persons: Bill Ackman, Olivia Tournay Flatto, Ackman, Fitch Organizations: Armory, Billionaire, Pershing, Capital Management, AAA, White, Treasury Locations: New York City

☆ Saudi Arabia extends oil production cut even as US gas prices hit nine-month highs
▼ + stars: | 2023-08-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters. US oil prices rose 1.6% on Thursday to $81.05 a barrel. The prolonged supply restraint from Saudi Arabia and Russia comes even as oil prices have rebounded in recent weeks, helping to lift pump prices for US consumers to nine-month highs. Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets.

Persons: Brent, ”, Rick Joswick, Robert Yawger, Yawger, Diesel Organizations: New, New York CNN, Saudi Ministry of Energy, Organization of, Petroleum, Reuters, P Global Commodity, Mizuho Securities, AAA, International Monetary Fund, International Energy Agency Locations: New York, Saudi Arabia, Russia, Ukraine

☆ Fitch downgrades Fannie Mae, Freddie Mac after US rating cut
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A man walks through a plaza at the new Fannie Mae headquarters in Washington, U.S., October 4, 2022. REUTERS/Kevin LamarqueAug 2 (Reuters) - Ratings agency Fitch on Wednesday downgraded U.S. mortgage finance giants Fannie Mae and Freddie Mac Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings to 'AA+' from 'AAA' after the U.S. rating downgrade on Tuesday. The agency said the cut was a result of Tuesday's downgrade and was "not being driven by fundamental credit, capital or liquidity deterioration at firms". "The downgrade to the ratings of Fannie and Freddie was a certainty after Fitch's downgrade of the US rating since the two ratings are linked," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities. The move to cut U.S ratings on Tuesday drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.

Persons: Fannie Mae, Kevin Lamarque, Fitch, Freddie Mac Long, Fannie, Freddie, Gennadiy Goldberg, Urvi, Megan Davies, Chris Reese, Sandra Maler Organizations: REUTERS, AAA, U.S, TD Securities, White, Thomson Locations: Washington , U.S, Bengaluru, New York

☆ Wall Street ends down, investors step back after Fitch US rating cut
▼ + stars: | 2023-08-02 | by ( David French | ) www.reuters.com time to read: +5 min

Fitch was the second major agency to cut the country's rating. Reaction to the news pushed major indexes lower, with the S&P 500 (.SPX) recording its biggest daily percentage drop since April 25. REUTERS/Brendan McDermid/File PhotoThe technology index (.SPLRCT), dropping 2.6%, was also the worst performer of the 11 major S&P sectors, with nine in total ending the day lower. With around two-thirds of the S&P 500 having already reported, 79.9% have posted earnings above analysts' expectations, per Refinitiv I/B/E/S. The S&P 500 posted 12 new 52-week highs and five new lows; the Nasdaq Composite recorded 49 new highs and 111 new lows.

Persons: Fitch, brokerages, Quincy Krosby, Brendan McDermid, LPL's Krosby, Krosby, Emerson, Johann M Cherian, David French, Lewis Krauskopf, Saumyadeb Chakrabarty, Vinay Dwivedi, David Gregorio Our Organizations: Dow, Nasdaq, Wall, AAA, LPL Financial, Fitch, AA, Nvidia, Apple, Tech, New York Stock Exchange, REUTERS, Amazon.com Inc, Dow Jones, ADP, CVS Health Corp, Devices, Thomson Locations: States, U.S, Charlotte , North Carolina, New York City, America, Bengaluru, New York

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