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☆ 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

☆ Fitch Downgrades America
▼ + stars: | 2023-08-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: But where's the recession everyone predicted? Images: Getty Images Composite: Mark KellyThe decision by Fitch Ratings on Tuesday to downgrade U.S. debt has jolted Wall Street and Washington, but why is anyone surprised? The downgrade to AA+ from AAA may even be an overly optimistic assessment of the U.S. fiscal outlook, and it ought to be a warning to the political class, which will ignore it.

Persons: Mark Kelly Organizations: Fitch, AAA Locations: Washington

☆ Dollar shaky after U.S. credit rating downgrade
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar struggled to make headway on Wednesday after a cut on the U.S. government's top credit rating by Fitch raised questions about the country's fiscal outlook, though it drew some support from a relatively resilient run of economic data. "We don't think the Fitch decision is that material. Elsewhere, the Japanese yen was roughly 0.1% stronger at 143.21 per dollar, paring some of its gains from earlier in the morning. "I think the market is still trying to get their head around what this whole thing means," said NAB's Catril. The New Zealand dollar fell 0.23% to $0.6136, after data on Wednesday showed the country's jobless rate hit a two-year high in the second quarter.

Persons: Fitch, Sterling, we've, Rodrigo Catril, NAB's Catril, Matt Simpson Organizations: AAA, White, U.S, Fitch, National Australia Bank, NAB, Bank of Japan's, Reserve Bank of Australia, Index, New Zealand Locations: States

☆ Stocks fall, Treasuries gain after Fitch downgrades US rating
▼ + stars: | 2023-08-02 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/file photoHONG KONG, Aug 2 (Reuters) - Asian stocks traded lower while U.S. Treasury yields declined on Wednesday, after ratings agency Fitch unexpectedly downgraded the United States' top-tier sovereign credit rating. Asian stocks were also weighed by declines on Wall Street overnight. Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday. U.S. 10-year Treasury yields declined by about 2 basis points to 4.025% in Tokyo. The United States publishes fresh data on jobless claims and unemployment later this week.

Persons: Kim Kyung, Fitch, Hong Kong's, HSI, Manishi Raychaudhuri, counterintuitively, Steven Ricchiuto, Brent, Xie Yu, Sam Holmes Organizations: REUTERS, U.S, Treasury, United, Japan's Nikkei, AAA, Asia, BNP Paribas, Standard, U.S ., Mizuho Securities, West Texas, Thomson Locations: Tokyo, Japan, HONG KONG, United States, Asia, ., U.S, China

☆ Jim Cramer praises Starbucks for an ‘exceptional quarter’ — here are the reasons
▼ + stars: | 2023-08-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Equities tumble on Fitch downgrade Starbucks has 'exceptional quarter' Investors cheer Pioneer earnings 1. Starbucks has 'exceptional quarter' Starbucks (SBUX) was up 3% on Wednesday, one day after releasing fiscal third-quarter results after the bell. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Fitch, Jim, Jim Cramer's Organizations: CNBC, Fitch, Starbucks, AAA, Nasdaq, Palo Alto Networks, Tech Locations: China, U.S

☆ JPMorgan CEO Jamie Dimon calls Fitch Ratings U.S. downgrade 'ridiculous,' but says 'doesn't really matter'
▼ + stars: | 2023-08-02 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Fitch Ratings downgrade of the United States' long-term credit rating ultimately doesn't matter, JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday. "It doesn't really matter that much" because it is the market, and not rating agencies, that determine borrowing costs, Dimon told CNBC's Leslie Picker. Still, it is "ridiculous" that countries including Canada have higher credit ratings than the U.S. when they depend on the stability created by the U.S. and its military, Dimon added. "To have them be triple-A and not America is kind of ridiculous," Dimon said. "We should get rid of the debt ceiling," Dimon said.

Persons: Jamie Dimon, Dimon, CNBC's Leslie Picker, It's, Fitch Organizations: Fitch, JPMorgan, CNBC, U.S, AAA Locations: United States, Canada, U.S, America

☆ Asia markets poised to fall as Fitch lowers U.S. credit ratings
▼ + stars: | 2023-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Shoppers at the shopping street in Hongdae district in Seoul, South Korea, on Saturday, July 2, 2022. Asia-Pacific markets are set to largely fall Wednesday after ratings agency Fitch cut the U.S. credit rating from AAA to AA+, citing "expected fiscal deterioration over the next three years." Futures for Australia's S&P/ASX 200 point to a lower open, standing at 7,360 compared to its last close of 7,450. Japan's Nikkei 225 is also set to fall, with the futures contract in Chicago at 33,145 and its counterpart in Osaka at 33,190 against the index's last close of 33,476.58. Hong Kong's Hang Seng index futures stood at 19,892, pointing to a weaker open compared to compared to the HSI's close of 20,011.12.

Persons: Fitch, Tony Sycamore Organizations: AAA, AA, Swiss, New, Australia's, Nikkei Locations: Hongdae, Seoul, South Korea, Asia, Pacific, treasuries, New Zealand, Korea, Chicago, Osaka

☆ Top officials, economists say Fitch's downgrade of the US economy is 'strange' and 'bizarre'
▼ + stars: | 2023-08-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Top economists and administration officials bashed Fitch's downgrade, calling it bizarre. Even Nobel laureate and economist Paul Krugman was baffled about "that bizarre Fitch downgrade," as he posted on X. "I am very puzzled by many aspects of this announcement, as well as by the timing," wrote El-Erian, the chief economic adviser to German financial services giant Allianz. Former Treasury Larry Summers slammed Fitch's downgrade on X, posting that the decision is "bizarre and inept" given that the American economy looks "stronger than expected." Fitch flagged the risk of a US credit rating downgrade in May citing political "brinksmanship" in negotiations over raising the debt ceiling.

Persons: Fitch, there's, bashed, Janet Yellen, Paul Krugman, Mohamed El, Erian, Treasury Larry Summers, Biden Organizations: AAA, Service, Allianz, Treasury, Dow Jones Industrial, Nasdaq Locations: Wall, Silicon

It’s unlikely that the move — only the second downgrade in American history — will dent investor appetite for Treasury notes. But the decision is another sign that Wall Street is worried about political chaos, including brinkmanship over the debt limit that is becoming entrenched in Washington. The move came two months after Washington narrowly avoided a U.S. default, following a prolonged argument over the debt ceiling. (That said, some on Wall Street remain skeptical that the country is headed for a so-called soft landing.) Fitch’s own model shows the U.S. economy deteriorating during the Trump administration and recovering under President Biden.

Persons: Fitch, “, Trump, Biden Organizations: Fitch, United States ’ AAA, Washington, Social Security Locations: U.S, Washington

☆ Mark Mobius says investors will diversify away from U.S. and into equities after Fitch downgrade
▼ + stars: | 2023-08-02 | 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 EmailMark Mobius says investors will diversify away from U.S. and into equities after Fitch downgradeMark Mobius, founding partner of Mobius Capital Partners, discusses Fitch Ratings downgrading the United States’ long-term foreign currency issuer default rating to AA+ from AAA.

Persons: Mobius, Mark Mobius Organizations: Fitch, Mobius Capital Partners, AAA Locations: U.S, States

☆ UK's FTSE 100 opens lower after surprise U.S. credit rating cut sours mood
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File PhotoSummaryCompanies FTSE 100 down 0.8%, FTSE 250 off 0.6%Aug 2 (Reuters) - UK's FTSE 100 opened lower on Wednesday, as global risk sentiment took a hit after ratings agency Fitch cut the United States' credit rating, while BAE Systems shares jumped after the defence company raised its full-year guidance. By 0709 GMT, the bluechip FTSE 100 index (.FTSE) fell 0.8%, touching a two week low, while the more domestically-focussed FTSE 250 midcap index (.FTMC) lost 0.6%. BAE Systems (BAES.L) added 4.7% after Britain's biggest defence company upgraded its guidance for 2023, forecasting annual earnings per share would grow 10-12%. ConvaTec Group (CTEC.L) jumped 4.0% after the technology firm raised its full-year guidance.

Persons: Toby Melville, Fitch, Shashwat Chauhan, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, BAE Systems, AAA, Smurfit Kappa, ConvaTec, Thomson Locations: City, City of London, Britain, United States, London, Bengaluru

☆ 'A short-term glitch:' Wall Street pros shrug off the effect of Fitch's downgrade on markets
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500's 17% rally this year and the Nasdaq Composite's 33% advance had some traders worrying that equities have surged "too far, too fast." Stovall's S & P 500 year-end target is at 4,575 . Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

Persons: Fitch, Janet Yellen, Sam Stovall, Stovall's, Wells Fargo's Christopher Harvey, Goldman Sachs, Jan Hatzius, Steven Zeng, Management's Yung, Yu Ma, Ma, CFRA's Stovall, Deutsche Bank's Zeng, Michael Bloom Organizations: U.S ., Fitch, AAA, Dow Jones, Treasury, Street, Nasdaq, Deutsche, BMO Locations: Washington, U.S, Tuesday's

☆ The Fitch analyst behind the U.S. downgrade breaks down the decision—and how the country can regain the top rating
▼ + stars: | 2023-08-02 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, Britain. It's not a growing jobs market, strong U.S. dollar or a resilient economy that will help the U.S. regain the top rating from Fitch. Fitch Ratings cut the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, sending global stock markets down on Wednesday. "This is a steady deterioration we've seen in the key metrics for the United States for a number of years. That has hindered the U.S. government from coming up with meaningful solutions to deal with growing fiscal issues, particularly around entitlement programs such as Social Security and Medicare, he said.

Persons: It's, Richard Francis, Fitch's, Francis Organizations: Canary, U.S, Fitch, AAA, Democrats, Social Security Locations: London, Britain, United States, Americas

☆ Treasury Secretary Yellen says surprising Fitch downgrade is 'entirely unwarranted'
▼ + stars: | 2023-08-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Treasury Secretary Janet Yellen testifies before the House Financial Services Committee on the state of the international financial system, in the Rayburn House Office Building on Capitol Hill in Washington, DC on June 13, 2023. WASHINGTON — Treasury Secretary Janet Yellen on Wednesday denounced Fitch's decision to downgrade the United States' longstanding credit rating that caused stocks to tumble. Yellen, who spoke during a visit with Danny Werfel, commissioner of the IRS, called the move "surprising" considering the nation's strong economic recovery from the Covid pandemic. Fitch cited "expected fiscal deterioration over the next three years," and "repeated debt-limit political standoffs" when it downgraded the nation's rating to AA+ from AAA. "I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Janet Yellen, Fitch's, Danny Werfel, Fitch, Yellen, we've Organizations: Financial, WASHINGTON —, AAA, CNBC Locations: Rayburn, Washington , DC, States

☆ 'Shark Tank' star Kevin O'Leary says US debt-rating downgrade means there's less faith in the dollar and Treasurys
▼ + stars: | 2023-08-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Fitch's US credit-rating downgrade means there's less faith in the dollar and Treasury bills, Kevin O'Leary said. This will push sovereign wealth funds to be weary of holding greenbacks, he told Fox News. Doesn't matter: the more the government goes into deficit spending, the more rating agencies scrutinize the quality of that debt," O'Leary said. This is the second downgrade the US has ever received, preceded by S&P Global's 2011 downgrade. Effectively, the lowered rating also means a higher cost of borrowing for the US, which deepens federal deficit spending.

Persons: Kevin O'Leary, Fitch, O'Leary, That's, Goldman Sachs, Jamie Dimon, Mohamed El, Erian Organizations: Treasury, Fox News, Service, US Treasury, AAA, AA, Wall, CNBC Locations: Wall, Silicon, America

☆ Fitch official confirms that January 6 Capitol riot was partially behind its controversial US downgrade
▼ + stars: | 2023-08-02 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

A top official with Fitch Ratings said January 6 influenced its controversial downgrade of US credit. "I strongly disagree with Fitch Ratings' decision," Treasury Secretary Janet Yellen said in a statement. "The change by Fitch Ratings announced today is arbitrary and based on outdated data." The juxtaposition of Fitch's decision and January 6 became inadvertently apparent as soon as their decision was announced. News of former President Donald Trump's indictment related to his efforts to overturn the election broke just as Fitch's downgrade became public.

Persons: Fitch's, Richard Francis, Francis, Fitch, Janet Yellen, Larry Summers, Biden's, Donald Trump's Organizations: Fitch, Reuters, The Treasury Department, Service, Treasury Department, Biden, Congressional Republicans, White, Twitter Locations: Wall, Silicon, United States, States

☆ AMD forecast, U.S. credit downgrade drags down chip stocks
▼ + stars: | 2023-08-02 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

AMD Chair and CEO Lisa Su speaks at the AMD Keynote address during the Consumer Electronics Show (CES) on January 4, 2023 in Las Vegas, Nevada. Chip stocks dipped Wednesday, after AMD 's disappointing revenue forecast raised concern that fragility in the PC market and slower spending from businesses may be poised to continue. Marvell fell almost 6%, Nvidia slid close to 5% and Intel and Texas Instruments each declined more than 3%, falling more than the broader tech market. At the same time, the company said a "weaker PC market" dragged second-quarter revenue down 54% in its client segment. Semiconductor companies led a decline in tech stocks, as the market was hit by Fitch Ratings' downgrade of the United States' long-term foreign currency issuer default rating from AAA to AA+.

Persons: Lisa Su, Marvell, Fitch, CNBC's, Jefferies Organizations: AMD, Consumer Electronics, Nvidia, Intel, Texas, Semiconductor, Fitch, AAA, AA, Nasdaq Locations: Las Vegas , Nevada, United States

That deterioration, as well as increased polarization in the country’s political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade. "You have the debt ceiling, you have Jan. 6. Higher interest rates are also likely to make the country's debt burden heavier to sustain, he added. The latest debt ceiling suspension, agreed in June, will last until early 2025, when another political debate around the borrowing limit is likely, he added. "That would just highlight the real political polarization and the kind of deterioration in governance that we've already noted ... to have a two-notch downgrade would be pretty harsh."

Persons: Donald Trump, Leah Millis, Fitch, Richard Francis, Francis, Janet Yellen, we've, Davide Barbuscia, Megan Davies, Ira Iosebashvili, Andrea Ricci Organizations: U.S, Capitol, REUTERS, Fitch, Reuters, AAA, Republicans, Hearst, Standard, Treasury, Thomson Locations: Washington , U.S, States, United States

☆ Stick with Treasurys even after Fitch downgrades U.S., UBS says
▼ + stars: | 2023-08-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Government bonds are still a sound investment, according to UBS. Fitch attributed the downgrade Tuesday to an "erosion of governance," referring to political standoffs around the debt limit, as well as growing debt levels. The firm expects government debt to reach 118.4% of gross domestic product by 2025. US10Y US2Y YTD line U.S. 2 year and 10 year yields Bond yields move opposite to their prices. She noted that the added benefit of having U.S. Treasurys is they offer the potential for capital appreciation if investors become concerned about slowing growth.

Persons: Fitch, Marcelli, — CNBC's Michael Bloom Organizations: UBS, ., AAA, UBS Global Wealth Management, Treasury, Federal Locations: Americas

☆ Morning Bid: Markets shake off surprise US credit downgrade
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey November 11, 2021. REUTERS/Cagla Gurdogan/File PhotoA look at the day ahead in European and global markets from Brigid RileyFitch delivered the markets a doozy of a surprise with an unexpected downgrade of the U.S. government's credit rating, by one notch to AA+ from AAA, citing concerns over governance and U.S. debt. Japan's Nikkei (.N225) suffered a 1.8% drop, but that's after hovering near post-Bubble highs for most of the past two months. Chinese markets also took a big hit, led by a 2% drop for Hong Kong's Hang Seng. But again, these are markets that had been supported by now-waning hopes for big-bang economic stimulus from Beijing.

Persons: Cagla, Brigid Riley Fitch, Biden, Brigid Riley, Kevin Buckland, Edmund Klamann Organizations: REUTERS, AAA, Treasury, NASDAQ, Japan's Nikkei, Swiss PMI, Thomson Locations: Ankara, Turkey, U.S, Beijing, China's, Swiss, Spain

☆ Cramer explains stock moves after debt downgrade, tells investors to raise cash and curb bullishness
▼ + stars: | 2023-08-02 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday explained what the Fitch Ratings debt downgrade might mean for investors and the market as a whole. Cramer attributes this movement not to the problems with AMD or its fundamentals, but to a harried reaction to the downgrade. "Will people react in fear to the Fitch downgrade beyond today? "I'm not concerned about the Fitch downgrade," he continued. Cramer added that he's been seeing recent froth in the market that he finds concerning, and he advised investors to curb their bullishness, raise some cash and wait.

Persons: CNBC's Jim Cramer, Fitch, Cramer, I'm, that's, he's Organizations: Fitch, United, AAA, Devices, AMD Locations: United States

☆ Wall Street starts fretting about US debt again after months of easy stock-market gains
▼ + stars: | 2023-08-02 | by ( Joseph Wilkins | George Glover | ) www.businessinsider.com time to read: +3 min

Stocks have racked up easy gains over the past few months thanks to AI and cooling inflation. But investors are suddenly worried about debt again after Fitch slashed its credit rating for the US. The last time this happened was 2011 – and the S&P 500 took six months to recover its losses. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. In response, the S&P 500 dropped 6.5% and took a further six months to recover its losses.

Persons: Fitch, –, It's, Stocks, AJ Bell's, Laith Khalaf, Fitch's, Ray Dalio Organizations: Service, Poor's, House Locations: Wall, Silicon, –, Washington –, Canada

☆ Morning Bid: Triple-A headache
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. On Tuesday, Fitch became the second major agency, after Standard & Poor's in 2011, to strip the United States of its prized triple-A credit rating. Jefferies notes that, with two of the three major agencies listing U.S. debt at AA, U.S. bonds no longer count as AAA in some key indices. However, according to Jefferies, most investors have moved away from some of the stricter criteria around holding triple-A rated debt, given Germany is the only large issuer left with that rating. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011.

Persons: Rick Wilking, Amanda Cooper, Fitch, Jefferies, it's, Dupont Nemours, Kraft, Phillips, Ingersoll Rand, John Stonestreet Organizations: REUTERS, Standard, Capitol, Investors, Treasury, Moody's, Moody's Investors Service, U.S ., U.S, AA, AAA, CVS Health, Entergy, Kraft Heinz, Garmin, Brands, Bunge Ltd, Lincoln National, Occidental Petroleum, ETSY, Cognizant Technology Solutions, Atmos Energy, Equinix, Qualcomm, MGM Resorts, MetLife, Fitch, Reuters Graphics U.S, Thomson, Reuters Locations: Westminster , Colorado, U.S, United States, Aaa, Germany, Exelon, Albemarle, Occidental, Clorox

☆ US stocks fall as Dow sheds nearly 350 points after Fitch credit-rating downgrade
▼ + stars: | 2023-08-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +1 min

US stocks dropped Wednesday, with the Dow shedding nearly 350 points. The sell-off follows Fitch's downgrade of the US debt rating late Tuesday. Wall Street remains skeptical of the downgrade, with Goldman Sachs shrugging it off. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The downgrade baffled some financial experts, and many Wall Street analysts downplayed it.

Persons: Goldman Sachs, Fitch Organizations: Dow, Service, US, AAA, AA, Capitol, Wall Street, Dow Jones, Nasdaq Locations: Wall, Silicon

☆ Stock futures are little changed Wednesday night after U.S. downgrade spurs a sell-off: Live updates
▼ + stars: | 2023-08-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Wednesday as traders contended with Fitch's recent downgrade of the United States' long-term rating. Futures tied to the S&P 500 gained 0.1%, while Nasdaq 100 futures added 0.1%. It marked the worst day since February for the index, as tech stocks tumbled amid a spike in bond yields. Both the S&P 500 and Dow Jones Industrial Average also closed lower. Fitch Ratings cut the United States' long-term foreign currency issuer default rating to AA+ from AAA late Tuesday, citing "expected fiscal deterioration" over the next three years as well as weakening governance.

Persons: Quincy Krosby, Fitch Organizations: New York Stock Exchange, Stock, Nasdaq, Dow Jones Industrial, chipmaker Qualcomm, Dow Jones, Fitch, AAA, LPL Locations: United States

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