{"id":10493,"date":"2023-08-09T14:19:59","date_gmt":"2023-08-09T14:19:59","guid":{"rendered":"https:\/\/isafespend.com\/news\/5-things-to-know-before-the-stock-market-opens-wednesday\/"},"modified":"2023-08-09T14:20:00","modified_gmt":"2023-08-09T14:20:00","slug":"5-things-to-know-before-the-stock-market-opens-wednesday","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=10493","title":{"rendered":"5 things to know before the stock market opens Wednesday"},"content":{"rendered":"
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Here are the most important news items that investors need to start their trading day:<\/em><\/p>\n<\/div>\n

1. Downgrade weighs down<\/h2>\n
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Markets struggled Tuesday after starting the week strong. The\u00a0Dow\u00a0fell more than 450 points at its session lows, but recovered some ground and closed 158.64 points lower, or down 0.45%. The\u00a0S&P 500\u00a0dropped 0.42%, and the\u00a0Nasdaq Composite\u00a0was 0.79% lower. The sell-offs came after Moody’s cut ratings for 10 U.S. banks and put some big names on downgrade watch. Futures were off to a more positive start Wednesday, however, with all three indexes showing gains. Follow live market updates.<\/p>\n<\/div>\n

2. End in sight?<\/h2>\n
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Is the Federal Reserve done hiking interest rates? Philadelphia Fed President Patrick Harker \u2014 a voter this year on the rate-setting Federal Open Market Committee \u2014 thinks that might be the case. He cautioned that his prediction was based on current data and could change, but said “I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.” He also said he believes any cuts are unlikely. The Fed has hiked rates 11 times since March 2022, bringing them to their highest level in more than 22 years.<\/p>\n<\/div>\n

3. Credit card debt<\/h2>\n
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Americans keep on spending. Aggregate credit card balances topped $1 trillion for the first time ever, the New York Federal Reserve reported on Tuesday. Total credit card indebtedness rose by $45 billion in the second quarter of 2023, an increase of over 4%. Meanwhile, total household debt also hit a fresh record, reaching $17.06 trillion. Fed researchers attributed the rise in credit card balances to inflationary pressures and higher levels of consumption.<\/p>\n<\/div>\n

4. WeWork’s warning<\/h2>\n
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Former IPO sensation WeWork