Joe Biden is already a historically corrupt president, but now he’s also historic for another reason. He is the first president in American history to see Fitch downgrade the U.S. credit rating from AAA to AA-, a first in American.
The only other time American had it’s credit downgraded was by Standards and Poors in 2013 (under Obama).
US stocks plunged Wednesday after rating agency Fitch downgraded the US government’s credit rating, citing fiscal and political instability.
The S&P 500 (^GSPC) dropped 1.3%, while the Dow Jones Industrial Average (^DJI) fell nearly 1%, or over 300 points. The tech-heavy Nasdaq Composite (^IXIC) slipped more than 2%.
With the downgrade top of mind, investors also geared up for another full day of earnings. CVS (CVS) and Kraft Heinz (KHC) were among the top names to report before the bell. PayPal (PYPL), Shopify (SHOP), Occidental Petroleum (OXY), Etsy (ETSY), and Robinhood (HOOD) are among those due after the bell.