Stocks Drop, Treasury Yields Dip After Fitch Downgrades US Rating

A man on a bicycle stands in front of an electronic board showing Shanghai stock index, Nikkei share price index, and Dow Jones Industrial Average outside a brokerage in Tokyo, Japan, on Sept. 22, 2022. Kim Kyung-Hoon/Reuters

Global shares tumbled and Treasury yields dipped on Wednesday after ratings agency Fitch unexpectedly downgraded the United States’ top-tier sovereign credit rating.

Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday.