Daily Newsletter

Aug 2, 2023

Daily Newsletter | August 2, 2023

Written by Sean Horgan

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TLDR

MARKET RECAP → Stocks took a nosedive today after Fitch downgraded the U.S.’s credit rating, leading to a resurgence of risk-off sentiment among investors. During the trading session, the Nasdaq Composite index dropped by 2.17% (its worst day since February!), while the S&P 500 (VOO) fell 1.5% and the Dow (DIA) saw slipped 1.1%.

⬇️ FITCH DOWNGRADES US → From AAA to AA due to rising debt concerns, potentially impacting borrowing costs and markets.

? AMAZON FRESH LEVELS UP → Grocery delivery now available to all, non-Prime members included!

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Sean Horgan

Head of Investor Relations @ MoneyLion

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Today’s S&P 500 Heatmap

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Source: finviz.com

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Today’s Top News

FITCH DOWNGRADES US RATING TO AA

⬇️ Fitch downgrades US long-term ratings from AAA to AA due to mounting debt concerns.

? The credit agency cites rising debt levels and the government’s inability to tackle fiscal challenges.

⚠️ The downgrade could lead to higher borrowing costs for the US, affecting investors and consumers alike.

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Source: shutterstock

AMAZON FRESH OPENS TO EVERYONE

? Amazon opens grocery delivery service to non-Prime members, expanding convenience to a wider audience.

? Previously limited to Prime subscribers, Amazon Fresh now welcomes all customers, making grocery shopping more accessible.

? By broadening its customer base, Amazon aims to rival other grocery delivery services and strengthen its market position.

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Source: shutterstock

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Toyota’s Land Cruiser to Return to U.S. (WSJ)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money (Moneylife)

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