Streetbeat News

Credit Ratings

DIA

GLD

QQQ

SPY

UUP

Fitch Ratings has downgraded the US sovereign credit rating from AAA to AA+, reminiscent of a similar event by S&P in 2011. The 2011 downgrade led to a significant market fallout, with the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 indices all experiencing sharp declines. However, these indices rebounded in October 2011. The VIX index, a measure of market volatility, rose significantly. Despite the downgrade, US Treasuries rallied due to a flight to safety. The US Dollar index was marginally higher in August 2011, but rallied 6% in September. Gold, as tracked by the SPDR Gold ETF Trust, rallied 3.2% on Aug. 8, 2011, to 12% for the month, but erased all its gains in September.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 11:44 am

PLTR

Shares of Palantir Technologies Inc (NYSE:PLTR) are trading lower by 7.9% after Fitch Ratings downgraded the long-term credit rating of the United States. This has negatively impacted the market sentiment and growth sectors. The downgrade could raise concerns about the stability of Palantir's government contracts and make it more expensive for the company to raise funds for research, development, and expansion.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 11:44 am

MSFT

Microsoft Corp (NASDAQ:MSFT) shares are trading lower by 2.78% after Fitch Ratings downgraded the long-term credit rating of the US. This has negatively impacted market sentiment and pressured growth sectors, including tech companies like Microsoft. The downgrade could signal economic uncertainty, potentially affecting Microsoft's business growth.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 11:44 am

TSLA

Tesla shares are trading lower due to a negative sentiment in growth stocks following Fitch's downgrade of US Treasuries.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:43 am

TQQQ

ProShares UltraPro QQQ (TQQQ) shares are down by approximately 6% after Fitch Ratings downgraded the United States' long-term credit rating from AAA to AA+. This move has sent shockwaves through global markets and has affected the nation's fiscal management.

Portfolio Pulse from Henry Khederian

August 04, 2023 | 11:43 am

ADI

AMD

Semiconductor and chip stocks are trading lower due to light quarterly guidance from AMD and a downgrade of the US's long-term credit rating by Fitch. This has put pressure on broader tech and growth stocks.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:42 am

ADBE

MSFT

ORCL

Software stocks are trading lower following Fitch's downgrade of the long-term credit rating of the US. This has negatively impacted market sentiment and pressured growth sectors.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:42 am

SPY

White House Economic Adviser Bernstein has criticized the timing of Fitch's downgrade, stating that it makes no sense, according to CNBC.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:38 am

AAPL

ADP

AMD

AMZN

BTCUSD

GLD

GOOG

META

MSFT

NVDA

QQQ

SPY

TSLA

USO

Fitch has downgraded the U.S. credit rating from AAA to AA+ due to anticipated fiscal deterioration, high and growing government debt burden, and erosion of governance. Despite this, the U.S. stock market has not been significantly impacted, with the 'momo crowd' buying the dip. The U.S. Treasury Department plans to borrow about $1T in Q3, the largest amount ever for a third quarter. ADP data shows strong job growth, contradicting narratives of a potential Fed rate cut. Money is flowing out of Apple, Nvidia, Alphabet, Amazon, and Tesla, but into Microsoft and Meta. AMD's AI products may dilute its margins. Gold, oil, and Bitcoin are seeing buying activity.

Portfolio Pulse from The Arora Report

August 04, 2023 | 11:37 am

GOOG

GOOGL

MSFT

Scott Shellady, known as the 'Cow Guy', expressed skepticism about the current market situation, citing increasing corporate bankruptcies, auto loan delinquencies, foreclosures, and a rise in layoffs. He also warned of a potential AI bubble, advising investors to sell when even the most hesitant investors enter the market. Despite his overall bearish stance, Shellady sees investment opportunities in stable tech companies like Microsoft and Alphabet.

Portfolio Pulse from AJ Fabino

August 04, 2023 | 11:37 am