Good MorningWho said August would be a quiet month? All the major indexes fell 1% with the NASDAQ being the worst performer, tumbling over 2%. The negative sentiment was mostly due to the United States receiving a credit downgrade from Fitch.
This is likely a knee-jerk reaction from investors looking for a reason to sell. But if history means anything, the S&P 500 index dropped 7% the last time the U.S. had its credit rating downgraded in 2011.
While this price action may not be long-lasting, it does put Thursday's earnings reports from Apple and Amazon in sharper focus. Better-than-expected results will likely recharge stocks, particularly in the technology-rich NASDAQ index. But if the results disappoint, it could take the broader market lower.
And before the opening bell on Friday, investors will get the latest reading on employment when the jobs report for July is released.
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Markets |  | As the United States economy continues to show signs of a potential contraction, especially after following the nine-month consecutive contracting readings in the ISM manufacturing PMI index, some industries are beginning to show signs of favoritism. As the cycle gets underway, markets usually ... Read the Full Story >> |
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Markets |  | Shares of PayPal (NASDAQ: PYPL) has given investors a brutal 2021-2023 period, full of swings and stress, as the stock gave up more than 80% of its value, which reached an all-time high level as recent as 2021. As investors will soon find out, the company's second-quarter 2023 earnings results ... Read the Full Story >> |
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Markets |  | When Zoetis Inc. (NYSE: ZTS) reports second-quarter financials next week, the market will be expecting its best revenue growth in a year and a 9% jump in profits. If history repeats, the results will be even better. The maker of medicines and vaccines for pets and livestock is coming off a strong f... Read the Full Story >> |
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Markets |  | Global stock markets and Wall Street futures declined Thursday after Fitch Ratings cut the U.S. government's credit rating.London and Paris opened lower. Tokyo lost 1.7% and Hong Kong also declined. Shanghai advanced. Oil prices retreated.Wall Street turned in its biggest one-day decline in months W... Read the Full Story >> |
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Markets |  | Kraft Heinz (NASDAQ: KHC) is facing headwinds like all staples companies, but the Q2 results show the turnaround strategy is still working, and the company is gaining momentum. The primary takeaway is that growth is on the table, and margins are widening and will help facilitate growth over the next... Read the Full Story >> |
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Markets |  | Banks from four Arab countries are interested in investing in Lebanon's struggling banking sector, which was hard-hit by the small nation's three-year economic meltdown, a top Arab banker said Thursday.Lebanon is in the throes of its worst economic crisis in its short and troubled history that has s... Read the Full Story >> |
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Markets |  | DoorDash set records for total orders and revenue in the second quarter as its grocery and convenience deliveries accelerated and it improved driver efficiency.The San Francisco-based delivery company said Wednesday that its total orders rose 25% to 532 million for the April-June period. That was ah... Read the Full Story >> |
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Markets |  | “We’re just getting warmed up,” says Ed Meyercord, CEO of Extreme Networks Inc. (NASDAQ: EXTR). He spoke with MarketBeat after the company’s fiscal fourth-quarter report, which topped Wall Street views and sent the stock’s price 8.49% higher. Extreme Networks sel... Read the Full Story >> |
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Markets |  | The Bank of England raised its main interest rate Thursday to a fresh 15-year high as it tries to bring down persistently high inflation, poised to bring more pain to people who are seeing rents and mortgages rise during a cost-of-living crisis.The quarter-percentage point increase to 5.25%, which w... Read the Full Story >> |
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Stocks |  | Late Tuesday, Fitch Ratings became the second of the three major credit-rating firms to remove its coveted triple-A assessment of the United States government's credit worthiness, a move that spurred debate in Washington about spending and tax policies. Fitch cited the federal government's rising de... Read the Full Story >> |
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