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Media Stocks, Markets Fall After Fitch Downgrades U.S. Credit Rating
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deadline.comYesterday, one ratings agency affirmed Disney’s credit rating — today another has downgraded the long-term credit rating of the entire United States, sinking media stocks and broader markets.
In a rare move. and a bit of a black eye for the U.S., Fitch lowered its rating on government debt from AAA to AA+, citing fiscal and political uncertainty.
Heading into the close, the DJIA shed 340 points, or nearly 1%. The Nasdaq is down by 2.2%, the S&P 5oo by 1.39% and the Russell 2000 by 1.3%.
Nasdaq-listed tech stocks are uniformly in the red with Meta, Amazon, Alphabet and Apple off, respectively, by 3%, 2.79%,2.5% and 1.7%.
Read more on deadline.com
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