The S&P 500 fell for the first time in five sessions, weighed down by th consumer staples, telecoms, and health care sectors.
Here’s the scoreboard:
- Dow: 22,375.78 -36.81 (-0.16%)
- S&P 500: 2,503.79 -4.45 (-0.18%)
- Nasdaq: 6,432.92 -23.12 (-0.36%)
- S&P Global Ratings cut China’s sovereign credit by one notch, citing economic and financial risks raised by the country’s prolonged period of strong credit growth. The downgrade, from AA- to A+, is the second by an international rating agency this year.
- Traders are betting that financial stocks’ climb to the highest level in a decade has a ways to go. Following the Fed statement, an exchange-traded fund tracking the sector saw outstanding call contracts — or wagers that an asset’s price will rise — climb to the highest since December, relative to bearish puts, according to Bloomberg.
- Chinese regulators are moving forward to shut down bitcoin trading in the country, but traders have apparently found a workaround. The WSJ reported that bitcoin traders can still exchange their coins via messaging apps such as WeChat, the largest messaging app in China with over 900 million users.
- Tesla will officially discontinue its cheapest Model S option on Sunday, a Tesla representative confirmed to Business Insider’s Danielle Muoio. The Model 3 is Tesla’s first mass-market car and was always set to replace the base Model S as the company’s cheapest vehicle.