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Introduction U.S. stock index futures slipped on Thursday in the wake of Fitch\u2019s downgrade of the country\u2019s long-term rating, and as market players weighed in on the latest quarterly results. The market mood soured as growth projections wobbled and tech stocks stumbled, pushing the indices into the red.<\/p>\n
At 09:30 GMT, S&P 500 futures<\/a> retreated by 0.3%, while Nasdaq 100 futures<\/a> saw a larger slump, shedding 0.4%. Dow Jones Industrial Average futures<\/a> also lost ground, sinking 91 points or 0.26%. The downward swing follows a rough Wednesday for the tech-heavy Nasdaq Composite which plunged by over 2%\u2014its steepest fall since February. Both the S&P 500 and Dow Jones Industrial Average closed the previous session lower.<\/p>\n Market sentiment was further dampened by underwhelming quarterly results from Qualcomm<\/a>, with the chipmaker\u2019s shares plunging 8% after missing revenue estimates and providing a tepid guidance for the current period. In contrast, DoorDash<\/a> rallied 3.6% following a revenue beat. Investors are also anticipating reports from tech giant Apple and e-commerce behemoth Amazon due after the close.<\/p>\n The primary trigger for the market dip was Fitch Ratings\u2019 cut of the United States\u2019 long-term foreign currency issuer default rating from AAA to AA+. The downgrade, citing a predicted \u201cfiscal deterioration\u201d over the next three years and weakening governance, halted the stocks\u2019 previous strong rally led by growth names.<\/p>\n In terms of economic data, traders will now turn their attention to upcoming weekly initial jobless claims<\/a> and durable goods orders<\/a>. The key event, however, is the July payrolls report due on Friday. Amid a gloomy backdrop, these data releases will be critical in shaping the short-term trajectory of the markets. The recent market trends and the Fitch downgrade could potentially signal a bearish outlook, unless buoyed by strong upcoming economic indicators.<\/p>\n<\/div>\n<\/div>\nQuarterly Results and Market Sentiment<\/h2>\n
Fitch\u2019s Downgrade Impact<\/h2>\n
Economic Outlook and Future Trends<\/h2>\n