LIVE MARKET NEWS REPORT
The US stock market faced a steep decline on Wednesday morning as the rating agency Fitch downgraded the US government’s credit rating. The downgrade was attributed to concerns surrounding fiscal and political instability, causing a wave of sell-offs across major indices.
S&P 500 PLUNGES 1.24%:
The benchmark S&P 500 index experienced a significant drop, closing at 4,519.78 points, down 56.95 points or 1.24%. Investors displayed cautious sentiment amid the credit rating downgrade and its potential implications for the economy.
DOW JONES INDUSTRIAL AVERAGE SHEDS 0.68%:
The Dow Jones Industrial Average (DJIA) also took a hit, closing at 35,388.55 points, down 242.13 points or 0.68%. The downgrade’s impact on investor confidence resulted in a downturn for the blue-chip index.
NYSE AND NASDAQ ALSO IN RED:
The New York Stock Exchange (NYSE) and the tech-heavy Nasdaq Composite (NASDAQ) both experienced losses as well. NYSE closed at 16,189.28 points, down 167.24 points or 1.02%, while NASDAQ plummeted to 13,976.72 points, losing 307.19 points or 2.15%.
MARKET MOVERS:
Among the top market movers, Crown Electrokinetics Corp. (CRKN) registered a negligible change of -1.30%, closing at $0.07 per share. Wavedancer Inc (WAVD) soared with a remarkable gain of 147.24%, closing at $0.68 per share, making it one of the day’s biggest gainers. T Stamp Inc (IDAI) also saw substantial growth of 91.72%, closing at $2.78 per share.
TOP GAINERS:
Wavedancer Inc (WAVD) continued to impress investors, achieving a remarkable gain of 144.40% and closing at $0.67 per share. T Stamp Inc (IDAI) followed closely with a gain of 92.07%, ending the day at $2.79 per share. TRxADE Health Inc (MEDS) saw significant growth, closing at $10.83 per share, up 61.42%.
TOP LOSERS:
On the other hand, Adamis Pharmaceuticals Corp (ADMP) faced a substantial loss of 62.16%, closing at $1.51 per share. Latch Inc (LTCH) experienced a decline of 49.05%, closing at $0.86 per share. Driven Brands Holdings Inc (DRVN) also witnessed a significant downturn of 43.28%, closing at $14.65 per share.
MARKET OUTLOOK:
The downgrade of the US government’s credit rating by Fitch has sent ripples through the market, causing investors to adopt a cautious approach. Traders are closely monitoring the situation for further developments that may influence market sentiment.
As the trading day unfolds, market participants are keeping a close eye on how the economic and political landscape responds to the credit rating downgrade. The market’s response to upcoming announcements and economic indicators will be crucial in shaping the short-term trajectory.
