Live Nasdaq Composite: Markets Step Back on Credit Rating Downgrade
Live Updates Live Coverage Updates appear automatically as they are published. Earnings Season Rolls On 10:04 am by Gerelyn Terzo The markets have an opportunity to shift their attention to corporate America this week as earnings season continues to unfold. Earnings are due out from the likes of Home Depot (NYSE: HD), Target (NYSE: TGT), […] The post Live Nasdaq Composite: Markets Step Back on Credit Rating Downgrade appeared first on 24/7 Wall St..
Live Updates
Earnings Season Rolls On
The markets have an opportunity to shift their attention to corporate America this week as earnings season continues to unfold. Earnings are due out from the likes of Home Depot (NYSE: HD), Target (NYSE: TGT), and TJX Companies (NYSE: TJX). TJX stock is up 11% year-to-date. Comparable store sales will be in focus as interest rates remain elevated while inflation is showing signs of abating.
This article will be updated throughout the day, so check back often for more daily updates.
It’s been one step forward, two steps back for the stock market of late. Most recently, the markets have retreated after a sudden downgrade of U.S. debt by credit rating agency Moody’s. The latest setback comes on the heels of a week in which the markets advanced on trade progress between the U.S. and China. Moody’s lowered its rating on U.S. debt by one notch to Aa1 from the highest possible rating, citing the combination of a budget deficit and elevated interest rates. President Trump begs to differ, saying that the world has confidence in the U.S. economy. Nevertheless, the credit downgrade sent Treasury yields higher—pushing the 30-year Treasury yield above 5%—and stocks lower.
Most sectors of the economy are trading in the red, including a 1.4% decline in technology stocks. Magnificent Seven stocks are mostly lower, including a 2.8.% drop in shares of Apple (Nasdaq: AAPL), which is under pressure due to a regulatory probe into its proposed AI tie-up with China’s Alibaba.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 195.75 (-0.45%)
Nasdaq Composite: Down 216.15 (-1.12%)
S&P 500: Down 50.14 (-0.84%)
Market Movers
After Walmart (NYSE: WMT) revealed that it would be raising prices due to the tariff effect, U.S. Treasury Secretary Scott Bessent responded by saying that the big-box retailer will “eat some of the tariffs.” WMT shares are off 2.3% today.
Palantir Technologies (Nasdaq: PLTR) is losing 3.8% in today’s market sell-off but remains close to its recently clinched all-time high level of $130.18 per share.
Novavax (Nasdaq: NVAX) is a gainer today, soaring 25.9% after receiving the regulatory green light for its COVID-19 vaccine.
Reddit (NYSE: RDDT) shares are down 4.4% on a Wall Street downgrade.
The post Live Nasdaq Composite: Markets Step Back on Credit Rating Downgrade appeared first on 24/7 Wall St..
