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  Barrons.com

  Nasdaq Tumbles, Has Worst Day in 5 Months

  Stocks tumbled Wednesday, with the Nasdaq Composite notching its worst day in five months following news of a U.S. debt downgrade. The Dow Jones Industrial Average dropped 347 points, or 1% while the S&P 500 declined 1.4%. The tech-heavy Nasdaq Composite fell 2.2% and had its worst day since Feb. 21, according to Dow Jones Market Data.

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  Barrons.com

  Jamie Dimon Calls Fitch Downgrade ‘Ridiculous’

  JPMorgan Chase CEO Jamie Dimon criticized Fitch's decision to downgrade the U.S. government's credit rating, calling it “ridiculous.” “I would point out to the rating agencies if I could that there are a bunch of countries rated higher than us, like AAA, but they live under the American enterprise military system.

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  Investopedia

  Fitch Catches Flak For Oddly-Timed U.S. Credit Downgrade

  The Fitch agency’s downgrade of the U.S. government’s credit rating is being met with pushback from officials and well known economists, while others said it highlighted the need for the government to reduce spending deficits.

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  Reuters

  UBS lays off Credit Suisse investment bank staff, closes Houston office -source

  UBS Group is laying off employees from Credit Suisse's investment bank this week in New York, a source familiar with the situation said. On top of the layoffs in New York, UBS has decided to close Credit Suisse's office in Houston, the person added, asking for anonymity to speak freely on the matter. The office in Houston used to lead business with the oil industry, which will now be covered by New York, the source added, also declining to specify the number of people affected.

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  Bloomberg

  Tupperware Pops with 800% Surge as Meme Trade Burns Shorts

  (Bloomberg) -- Tupperware Brands Corp. has been warning for months that it may go bust, but that isn’t keeping retail investors away from powering an eye-popping rally reminiscent of the pandemic-era meme stock craze.Most Read from BloombergUS Stripped of AAA Rating by Fitch as Budget Deficits SwellPoland Sends Troops to Belarus Border After Airspace BreachMissing Goldman Sachs Analyst Confirmed Dead by New York PoliceTrump Indicted on Federal Charges in 2020 Election ProbeUS, Europe Growing Ala

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  Reuters

  Apollo leads deal for trucking firm Yellow's bankruptcy loan - Bloomberg News

  Shares of Yellow were up 78% at $3.14 in afternoon trade. The U.S. asset manager, which owns most of one of Yellow's term loans, is well-positioned to provide backing and is finalizing a deal to lead a debtor-in-possession financing for the cash-trapped trucking company, the report said. Yellow declined to comment, while Apollo did not immediately respond to a Reuters request for comment.