Inventory futures are little modified Wednesday night time following U.S. downgrade spurs a selloff: Are living updates

Inventory futures are little modified Wednesday night time following U.S. downgrade spurs a selloff: Are living updates


Traders get the job done on the flooring of the New York Stock Trade (NYSE), June 29, 2023.

Brendan McDermid | Reuters

Inventory futures have been small improved Wednesday as traders contended with Fitch’s current downgrade of the United States’ prolonged-phrase ranking.

Futures tied to the S&P 500 received .02%, when Nasdaq 100 futures pulled back again .02%. Dow Jones Industrial Average futures, in the meantime, extra 26 points or .07%.

In right after-hrs motion, shares of chipmaker Qualcomm slipped virtually 7% following the firm missed analysts’ anticipations on fiscal third-quarter income and advice for the present-day period. DoorDash extra 4.2% just after beating expectations on revenue.

Wednesday’s regular investing session observed a steep selloff that weighed the tech-heavy Nasdaq Composite down by additional than 2%. It marked the worst working day because February for the index, as tech stocks tumbled amid a spike in bond yields. Each the S&P 500 and Dow Jones Industrial Typical also closed reduce.

Fitch Rankings reduce the United States’ extensive-term international forex issuer default rating to AA+ from AAA late Tuesday, citing “expected fiscal deterioration” more than the future 3 years as perfectly as weakening governance. Beforehand, stocks were publishing a strong string of gains, led by progress names.

“At times markets want to digest a [torrent] of gains and this, coupled with a choppy seasonal backdrop, was poised for a pullback,” said Quincy Krosby, main world wide strategist for LPL Economical. “Fitch delivered the rationale.”

Buyers are turning their emphasis on Thursday to tech bellwether Apple and e-commerce huge Amazon, as equally will be putting up results just after the close. Consequently far, approximately 67% of the constituents in the S&P 500 have issued their newest quarterly reports, with about 81% of these businesses beating expectations, according to FactSet.

In the way of economic info, traders will be gearing up for weekly original jobless promises, as nicely as strong goods orders. The principal celebration will be Friday’s July payrolls report.



Source

This ‘quiet luxury’ Italian brand is shaking off tariff woes as sales jump
World

This ‘quiet luxury’ Italian brand is shaking off tariff woes as sales jump

Key Points Brunello Cucinelli posted an estimate-beating 10.7% rise in first half sales as the super-rich shrug off tariff concerns. The retailer also pointed to a solid start to July and confirmed its outlook for around 10% sales growth in 2025 and 2026. Analysts, however, expressed doubt over broad-based growth for the beleaguered sector. Soaring […]

Read More
Jamie Dimon has a blunt message for Europe: ‘You’re losing’
World

Jamie Dimon has a blunt message for Europe: ‘You’re losing’

Key Points Jamie Dimon told an event in Ireland on Thursday that Europe was “losing” on competitiveness and lacked the kind of global, successful corporations common in the U.S. The JPMorgan Chase boss also told an event in Ireland that there was “complacency in the markets” around U.S. tariffs and rates. Dimon said he saw […]

Read More
Norway’s Tesla obsession defies Europe’s Musk backlash
World

Norway’s Tesla obsession defies Europe’s Musk backlash

An electric car at a charging station in the Norwegian capital of Oslo on Sept. 25, 2024. Jonathan Nackstrand | Afp | Getty Images OSLO, Norway — Tesla continues to find solace in Norway, defying a sustained European slump amid a backlash over CEO Elon Musk’s incendiary political rhetoric. The U.S. electric vehicle maker recorded […]

Read More