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U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling over 300 points on Wednesday. Fitch Ratings downgraded the United States’ sovereign credit grade from AAA to AA+.
The Dow traded down 0.82% to 35,339.52 while the NASDAQ fell 2.11% to 13,982.50. The S&P 500, also fell, dropping, 1.27% to 4,518.43.
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The Kraft Heinz Company (NASDAQ:KHC) reported better-than-expected earnings for its second quarter, while sales missed estimates.
The company reported second-quarter FY23 sales growth of 2.6%, year-on-year, to $6.72 billion, missing the analyst consensus of $6.81 billion. Adjusted EPS of $0.79 beat the analyst consensus of $0.74.
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In commodity news, oil traded down 2.7% to $79.19 while gold traded down 0.3% at $1,973.10.
Silver traded down 1.9% to $23.865 on Wednesday while copper fell 1.6% to $3.8455.
European shares closed lower today. The eurozone’s STOXX 600 fell 1.35%, London’s FTSE 100 fell 1.36% while Spain’s IBEX 35 Index fell 1.83% The German DAX declined 1.36% French CAC 40 fell 1.26% and Italy’s FTSE MIB Index declined 1.30%.
The number of foreign tourist arrivals in Spain rose 10.9% year-over-year to 8.3 million in June, while number of people registering as jobless in the country declined 0.4% to 2.68 million in July.
Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 falling 2.3%, China’s Shanghai Composite Index falling 0.89% and Hong Kong’s Hang Seng Index falling 2.47%. India’s S&P BSE Sensex, meanwhile, fell 1.02%.
The Ai Group Australian Industry Index declined by 2.8 points to -14.7 in July.
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The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,515,730 cases with around 1,169,810 deaths. India confirmed a total of at least 44,995,620 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,531,690 cases of COVID-19 worldwide with more than 6,903,480 deaths.