![]() ![]() On Tuesday, rating agency Fitch downgraded the US government's top credit from AAA to AA+, marking the second downgrade of US credit in history. Observers see few immediate effects from Fitch downgrade of US credit Kraft Heinz reported revenue of $6.72 billion while analysts had estimated $6.8 billion. The Kraft Heinz Company ( KHC) was down less than 1% after the company's revenue for the most recent quarter came in short of expectations. Tesla ( TSLA) stock was still trending on Yahoo Finance a day after the National Highway Traffic Safety Administration (NHTSA) opened an investigation into certain Tesla vehicles regarding complaints about loss of steering control and power steering. The company is also cutting 5,000 jobs to reduce costs, according to reports. Shares were down more than 5% as the company reported an 18% decline in revenue and its sales forecast for the current quarter came in short of expectations.ĬVS Health Corporation ( CVS) popped more than 3% as the company's $88.9 billion in revenue topped estimates for $86.5 billion. "Whereas the as-reported data was pointing to a slowdown in activity earlier this year, revisions took this signal away and, together with recent data, point to ongoing resilience," Gapen wrote.Īdvanced Micro Devices ( AMD) led the Yahoo Finance trending tickers page on Wednesday morning following the company's most recent earnings release. It's now projecting economic growth to accelerate to 3.9% in the third quarter, which would be the best quarterly performance for the metric since the fourth quarter of 2021.Īn upward revision to first quarter GDP and a recent preliminary reading on second quarter GDP showed the economy has grown at 2.0% or better for the last four quarters. The Atlanta Fed's GPDNow forecaster, which tracks gross domestic product in the US, increased its projection for the 2023 third quarter on Tuesday. ![]() "We have revised higher our outlook for growth in economic activity this year and next, and no longer expect the economy to fall into a mild recession," Bank of America US Economist Michael Gapen wrote on Tuesday.īank of America now sees the Fed's interest rate hike ending in a "soft landing, where growth falls below trend in 2024, but remains positive." The shift by Bank of America's team of economists from a mild recession in 2024 to no recession at all comes amid growing optimism about the state of the US economy.įorward-looking indicators for the current quarter are increasing, too. The calls for one of the most talked-about recessions in history are starting to recede. Meanwhile, the S&P 500 ( ^GSPC) dropped 1.1%, while the Dow Jones Industrial Average ( ^DJI) fell around 0.7%īank of America no longer sees a recession coming The Nasdaq Composite ( ^IXIC) was a trending ticker on Yahoo Finance during afternoon trade as the tech-heavy average led the losses on the day for the three major averages. The company attributed the weaker forecast to softer consumer spending. ![]() Previously Generac had expected sales declines of no more than 10%. Shares of Generac ( GNRC) tanked, falling more than 23% as the company said it expected sales full-year 2023 sales declines of 10% to 12%. Consensus estimates among Wall Street analysts had expected third quarter revenue of $5.85 billion. AMD forecasted revenue of $5.4 billion - $6 billion. AMD ( AMD) shares are also down on the day, losing more than 7% after reporting earnings after the bell on Tuesday. Nvidia ( NVDA) leads the list with shares down more than 5% amid a broader market sell-off. ![]() Stocks are falling after Fitch's downgrade on US credit, leading some of the days biggest losers to the top of Yahoo Finance's trending ticker's page. ![]()
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