{"id":8588,"date":"2023-08-05T22:54:15","date_gmt":"2023-08-05T22:54:15","guid":{"rendered":"https:\/\/isafespend.com\/investing\/chip-and-software-stocks-edge-lower-after-fitch-downgrade\/"},"modified":"2023-08-05T22:54:16","modified_gmt":"2023-08-05T22:54:16","slug":"chip-and-software-stocks-edge-lower-after-fitch-downgrade","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8588","title":{"rendered":"Chip and software stocks edge lower after Fitch downgrade"},"content":{"rendered":"
\n

The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday.<\/p>\n

After rising for seven straight months, the S&P 500 Information Technology sector is down 2.4% to kick off August. Other tech-sector indicators are off as well, with the PHLX Semiconductor ETF down 3.7% and the iShares Expanded Tech Software ETF off 3.6%.<\/p>\n

\n

The last time the U.S. credit rating got downgraded, back in 2011, Apple Inc.\u2019s
\n AAPL,
\n -4.80%<\/bg-quote>
\n Steve Jobs was busy pitching the new iCloud service while preparing to leave the company he founded for a second time. This time around, Fitch Ratings lowered its rating of U.S. government debt to AA+ from AAA, and Apple, which reports earnings after the bell Thursday, has seen shares decline nearly 2% since the downgrade. <\/p>\n

Flashback to August 2011:<\/strong> The top 10 events that shaped a bear of an August<\/p>\n

Month to date, shares of Nvidia Corp.
\n NVDA,
\n +0.37%<\/bg-quote>
\n \u2014 which reports on Aug. 23 and has seen its stock more than triple this year \u2014 and other hot chip stocks like Marvell Technology Inc.
\n MRVL,
\n +0.55%<\/bg-quote>
\n and Lam Research Corp.
\n LRCX,
\n -0.42%<\/bg-quote>
\n have declined more than 4%, while Advanced Micro Devices Inc., which is up 76% year to date, is down 0.5% for August so far.<\/p>\n

Read: <\/strong>Warren Buffett dismisses Fitch downgrade: \u2018There are some things you shouldn\u2019t worry about\u2019<\/p>\n

On the software side, Microsoft Corp.
\n MSFT,
\n +0.34%<\/bg-quote>
\n and Oracle Corp.
\n ORCL,
\n -0.10%<\/bg-quote>
\n shares are down more than 2% for the month so far, while Adobe Inc.\u2019s
\n ADBE,
\n +0.60%<\/bg-quote>
\n have slid 3%, and Salesforce Inc.
\n CRM,
\n -0.45%<\/bg-quote>
\n shares have dropped 4%, and shares of cybersecurity company Palo Alto Networks Inc.
\n PANW,
\n -8.06%<\/bg-quote>
\n have fallen nearly 6%, according to FactSet.<\/p>\n

Meanwhile, the SOX index is still up 46% year to date this year, the IGV index is up 37%, while the S&P 500 has grown 17%, and the Nasdaq has rallied 33%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. After rising for seven straight months, the S&P 500 Information Technology sector is down 2.4% to kick off August. Other tech-sector indicators are off as well, with the PHLX Semiconductor ETF down 3.7% and the iShares<\/p>\n","protected":false},"author":1,"featured_media":8589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-8588","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nChip and software stocks edge lower after Fitch downgrade | iSafeSpend<\/title>\n<meta name=\"description\" content=\"The rally in technology stocks all year has cooled following Fitch\u2019s downgrade of the U.S. credit rating late Tuesday. 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