STOCKS FALL: Here's what you need to know

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%)
  1. 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.
  2. 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.
  3. 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.
  4. 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.


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