Fitch Downgrades And Earnings In Focus

Key Takeaways

• Government Debt Downgrade By Fitch
• Earnings Continue Better Than Expected
• Meme Stock Activity

In the immortal words of Russell Crowe’s character, Maximus Meridius, “Are you not entertained?” Of course, that question was shouted following a battle of gladiators but they are equally applicable to this year’s stock market. After adding 3% in July, the S&P 500 notched its fifth consecutive month of gains, putting the index up 19% this year. That’s nothing though, when compared with the Nasdaq Composite’s stunning 36% returns so far. However, following a rare downgrade in government securities, stocks could come under pressure.