Tuesday, April 23, 2024
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Asia markets fall as Wall Street sees sell-off after U.S. credit downgrade

A peek under the hood shows a broad-based selloff in S&P 500

The selloff in the S&P 500 Wednesday was broad based, with 413 stocks declining in the broader index. There were 87 advancers in the benchmark.

The biggest loser was backup power generator company Generac, which was last down by more than 23%. Paycom Software and SolarEdge Technologies dropped more than 18%.

The best-performing stock was Waters Corporation. That name was up by more than 7% in afternoon trading.

— Sarah Min

Communication services, information technology stocks lead declines

Communication services and information technology stocks lagged during Wednesday’s session, falling more than 2% each.

The communication services sector dropped 2.1%. Electronic Arts led the declines, last down nearly 7%. Take-Two Interactive and Meta Platforms dropped more than 3% each, while Alphabet, Walt Disney and Netflix all fell more than 2%.

Information technology names were among the worst-performing stocks, with the sector last down 2.5%. SolarEdge was the biggest laggard, cratering nearly 19% on disappointing guidance. First Solar dropped more than 6%.

Advanced Micro Devices tumbled more than 7% despite better-than-expected results. The downward move rippled across the semiconductor and software industries, with Nvidia and Micron Technology last down 5.8% and 4.6%, respectively. Palo Alto Networks edged 7% lower.

— Samantha Subin

Chinese tech stocks fall after regulators float child smartphone rules

Yellen downplays Fitch debt downgrade

Treasury Secretary Janet Yellen said in a statement that she disagreed with Fitch’s decision to downgrade the U.S.’ debt.

“The change by Fitch Ratings announced today is arbitrary and based on outdated data,” Yellen said in a statement. “Fitch’s quantitative ratings model declined markedly between 2018 and 2020 – and yet Fitch is announcing its change now, despite the progress that we see in many of the indicators that Fitch relies on for its decision.”

“Many of these measures, including those related to governance, have shown improvement over the course of this Administration, with the passage of bipartisan legislation to address the debt limit, invest in infrastructure, and make other investments in America’s competitiveness,” Yellen added.

— Fred Imbert

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