U.S. Credit Rating Cut through Fitch: What Does This Mean for the Economy?
U.S. Credit Rating Cut through Fitch
Fitch Ratings downgraded the U.S. Credit score from AAA to AA+ on Thursday, citing issues approximately the united states’s rising debt ranges and political gridlock. The downgrade is the primary time the U.S. Has lost its AAA rating due to the fact that 1917.
Apple Reports Strong Earnings
Apple reported robust income for the second sector of monetary 2023, with revenue up 9% 12 months-over-year to $119.5 billion. The corporation’s profits according to proportion of $2.52 also beat analyst expectations.
Amazon Reports Profit Growth
Amazon additionally pronounced sturdy income for the second one quarter, with revenue up 17% 12 months-over-12 months to $137.4 billion. The employer’s profits according to percentage of $15.Fifty three also beat analyst expectations.
Stocks Fall on Credit Rating Cut
Stocks fell on Thursday after Fitch Ratings downgraded the U.S. Credit Rating Cut. The S&P 500 index closed down 1.6%, while the Dow Jones Industrial Average fell 1.8%.
Other Business News
SBI Q1 Profit Surges 178%
State Bank of India (SBI) pronounced a 178% surge in earnings for the primary sector of financial 2023, to Rs sixteen,884 crore. The financial institution’s asset quality also advanced, with the gross non-acting asset (NPA) ratio falling to 4.8%.
Gautam Adani’s Big Comeback
Gautam Adani’s Adani Group is making a return after the Hindenburg Research file that accused the enterprise of being worried in coal mining and different environmentally harmful sports. The institution’s inventory price has surged in latest months, and it’s far now one of the most valuable companies in India.
Zomato Stock Up on Profit Report
Zomato’s inventory price rose through greater than 10% on Thursday after the company said a profit of Rs 2 crore for the primary zone of economic 2023. The business enterprise’s revenue additionally grew with the aid of 65% yr-over-yr to Rs 777 crore.
These are only some of the pinnacle business headlines for today. For more news, visit your preferred business news website or app.
