“My sense is that the Fitch downgrade of the US credit rating is an insignificant development and will not move financial markets or the economy,” said Joseph Brusuelas, chief economist at RSM US. US Treasuries actually rose as investors barreled out of stocks.
Investors know this devil - they’ve been through it before, and they saw that the downgrade didn’t actually raise US borrowing costs significantly or hurt Treasury markets. Markets experienced their most volatile week since the global financial meltdown in 2008, and it took another six months for stocks to climb back up to their previous highs. On the first trading day after the downgrade the S&P 500 plummeted by 6.5%. That downgrade happened on a Friday afternoon, so investors had a weekend to think about their next move. In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. Stocks sink after historic US credit rating downgrade Some 55 initial public offerings, or IPOs, have priced so far this year, raising $9.7 billion in proceeds, according to IPO tracker Renaissance Capital.
A strong stock market turnaround is helping spur a resurgence in companies going public a year after the number of Wall Street newcomers fell to the lowest level since the Great Recession. flag flies over the side entrance to the New York Stock Exchange in New York Tuesday, July 18, 2023.
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