Wall Street's Mixed Close Amid Fitch Ratings Downgrade

Early optimism on Wall Street faded by the close on Monday, as the Dow Jones Industrial Average ended flat after a significant intraday gain. The shift in sentiment followed Fitch Ratings' decision to downgrade the outlooks for about a quarter of U.S. corporate sectors to "deteriorating" in its midyear review.

Corporate Earnings Spark Initial Rally

Investors initially welcomed Verizon's robust second-quarter results, which showed a 5.2% increase in revenue to $34.5 billion. Additionally, excitement built around Figma's plans for an initial public offering (IPO), contributing to the early market uplift.

Market Performance Highlights

By the close, the Nasdaq 100 had risen by 0.50%, buoyed by a 3.32% jump in ARM Holdings PLC. The S&P 500 also advanced, setting a new record high at 6,305.60, with Verizon Communications Inc. shares climbing 4.04%. Meanwhile, the euro strengthened against the dollar, trading at $1.16902 by late afternoon.