Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE), June 29, 2023.
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%. Dow Jones Industrial Average futures, meanwhile, climbed 49 points or 0.1%.
In after-hours action, shares of chipmaker Qualcomm slipped nearly 7% after the company missed analysts' expectations on fiscal third-quarter revenue and guidance for the current period. DoorDash added 4.2% after beating expectations on revenue.
Wednesday's regular trading session saw a steep sell-off that weighed the tech-heavy Nasdaq Composite down by more than 2%. 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. Previously, stocks were posting a strong string of gains, led by growth names.
"Sometimes markets need to digest a [torrent] of gains and this, coupled with a choppy seasonal backdrop, was poised for a pullback," said Quincy Krosby, chief global strategist for LPL Financial. "Fitch provided the rationale."
Investors are turning their focus on Thursday to tech bellwether Apple and e-commerce giant Amazon , as both will be posting results after the close. Thus far, nearly 67% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 81% of those companies beating expectations, according to FactSet.
In the way of economic data, traders will be gearing up for weekly initial jobless claims, as well as durable goods orders. The main event will be Friday's July payrolls report.
Source: CNBC
