U.S. stock futures fell Wednesday after Fitch downgraded the long-term rating for the U.S. and traders continued to assess the latest batch of second-quarter earnings results.
Futures for the Dow Jones Industrials dipped 106 points, or 0.3% to 35,651.
Futures for the S&P 500 fell 22.25 points, or 0.5%, to 4,579.
Futures for the NASDAQ dumped 117.25 points, or 0.7%, to 15,699.50.
Fitch Ratings lowered the U.S.'s long-term foreign currency issuer default rating to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.”
Advanced Micro Devices rose 1% in extended trading after reporting better-than-expected quarterly results. Meanwhile, SolarEdge Technologies tumbled 12% after missing second-quarter revenue expectations.
Earnings season is more than halfway over with results coming in stronger than expected. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. The earnings beats have added to bullish investor sentiment with stocks continuing this year's recovery since the third quarter began.
CVS Health, Yum! Brands and Humana are set to report earnings before the open Wednesday.
Traders are also anticipating the July ADP jobs report Wednesday before the open. Economists polled by Dow Jones expect a 175,000 increase, which would be lower than the 497,000 rise in the prior month.
In Japan, the Nikkei 225 fell 2.3% Wednesday, while in Hong Kong, the Hang Seng regressed 2.5%.
Oil prices gained 72 cents to $82.09 U.S. a barrel.
Gold prices shone brighter $10.70 to $1,989.50 U.S. an ounce.