Dow Slides 348 Points as Fitch Downgrade Continues to Weigh

Oil and gold continue to cool alongside the broader market

Managing Editor
Aug 2, 2023 at 4:26 PM
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Stocks are falling further from their July win, with the Dow dropping 348 points to pull its worst daily performance in nearly a month. The S&P 500 and tech-heavy Nasdaq also fell, with the latter marking its worst daily percentage drop since February, while the Cboe Volatility Index (VIX) logged its best day since March. Weighing heavy is Fitch's U.S. downgrade to AA+, as well as bond yields hitting their highest mark since November. 

Continue reading for more on today's market, including:

  • Streaming staple ripe for a short squeeze.
  • Retail giant sporting attractive entry point.
  • Plus, energy firm suffering big losses; bulls blast chip stock; and SBUX sees post-earnings pop. 

Closing Indexes Summary Aug 2

NYSE and Nasdaq Stats Aug 2

5 Things to Know Today

  1. Around 7,000 Doritos Nacho Cheese Flavored chips have been recalled due to possible contamination of soy and wheat. (MarketWatch)
  2. Producers in Hollywood are allegedly seeking a sit-down with the Writers Guild of America (WGA) as the strike approaches 100 days. (CNBC)
  3. Behind the SolarEdge stock pullback.
  4. Options bulls bet on this chip stock drop.
  5. Shares of Starbucks see post-earnings buzz

Corporate Earnings Aug 2

Unusual Options Activity Aug 2

Commodities Extend Losses

Oil fell alongside the broader market this afternoon. September-dated crude fell $1.92, or 2.4%, to settle at $79.45 per barrel.

The Fitch downgrade and this week's jobs data dragged gold today. December-dated gold shed $3.80, or 0.2%, to settle at $1,975 an ounce.


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