Dow Drops 200 Points After Fitch Downgrades US Credit Rating, Treasury Boosts Bond Sales

Traders work on the floor of the New York Stock Exchange in New York City, on July 6, 2023. Brendan McDermid/Reuters

The Dow Jones Industrial Average dropped 146 points just after opening bell on Wednesday, sliding down by 233 points altogether before noon. The Wall Street dip came after credit-ratings agency Fitch rattled investors with a surprise rating downgrade on Tuesday.

By 11:30 a.m., the benchmark S&P 500 Index was down 1.17 percent, and the Nasdaq Composite was down 2 percent.