Stocks Fall as Credit Cuts Rock Wall Street: Stock Market News Today

US shares fell on Wednesday after score company Fitch downgraded the US authorities’s credit standing, citing monetary and political instability.

The S&P 500 (^GSPC) fell 1.3%, whereas the Dow Jones Industrial Common (^DJI) fell practically 1%, or greater than 300 factors. The technology-heavy Nasdaq Composite (^IXIC) fell greater than 2%.

The downgrade sparked an offended response from the Biden administration, with the Treasury Division calling it “arbitrary” after the White Home and Congress prevented defaulting greater than two months in the past. Fitch highlighted rising ranges of US debt, in addition to political instability – together with the January 6, 2021 riot on the Capitol – as components of their resolution.

With the downgrade in thoughts, buyers additionally braced for an additional full day of earnings. CVS (CVS) and Kraft Heinz (KHC) have been among the many prime reported names earlier than the bell. PayPal (PYPL), Shopify (SHOP), Occidental Petroleum (OXY), Etsy (ETSY), and Robinhood (HOOD) are amongst these due after the bell.

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