After Fitch Downgrade, S&P 500 Sees Biggest Daily Drop Since Late April

The S&P 500 fell by 1.4 percent and the tech-focused NASDAQ slumped by close to 2.2 percent.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on April 19, 2023. Brendan McDermid/Reuters

The S&P 500 saw its biggest decline since late April on Wednesday after Fitch Ratings downgraded America’s credit rating from AAA to AA+ amid a “steady deterioration in standards of governance.”

On Wednesday, the S&P 500 index fell by 1.4 percent, its largest daily decline since late April.