Daily Newsletter | August 2, 2023

TLDR

MARKET RECAP → Stocks took a nosedive today after Fitch downgraded the U.S.’s credit rating, leading to a resurgence of risk-off sentiment among investors. During the trading session, the Nasdaq Composite index dropped by 2.17% (its worst day since February!), while the S&P 500 (VOO) fell 1.5% and the Dow (DIA) saw slipped 1.1%.

⬇️ FITCH DOWNGRADES US → From AAA to AA due to rising debt concerns, potentially impacting borrowing costs and markets.

? AMAZON FRESH LEVELS UP → Grocery delivery now available to all, non-Prime members included!

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

Today’s Top News

FITCH DOWNGRADES US RATING TO AA

⬇️ Fitch downgrades US long-term ratings from AAA to AA due to mounting debt concerns.

? The credit agency cites rising debt levels and the government’s inability to tackle fiscal challenges.

⚠️ The downgrade could lead to higher borrowing costs for the US, affecting investors and consumers alike.

Source: shutterstock

AMAZON FRESH OPENS TO EVERYONE

? Amazon opens grocery delivery service to non-Prime members, expanding convenience to a wider audience.

? Previously limited to Prime subscribers, Amazon Fresh now welcomes all customers, making grocery shopping more accessible.

? By broadening its customer base, Amazon aims to rival other grocery delivery services and strengthen its market position.

Source: shutterstock

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And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money (Moneylife)

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.