Dow sheds more than 150 points as Moody’s bank downgrade rekindles market selloff: Live updates

All three were off session lows at close, with the indexes all down more than 1% at their worst respective points in the trading day.Investors are wondering how much of the impacts of previous economic tightening measures from the Federal Reserve have yet to be felt, according to Yung-Yu Ma, BMO Capital Management's chief investment officer.

"For a while, there was a belief that a lot of the the impact of the Fed tightening and central bank tightening globally had already taken place," he said. "There's starting to be a bit more of a realization that the impact of those higher interest rates still have a while to permeate through the U.S. and global economy."

Ma attributed Tuesday's slide as a "moment of assessment" as investors contemplate the strength of the 2023 market rally and what lies ahead for the economy after the Fed's interest rate hikes. And now may not be the time to "go maximum aggressive" in the stock market, he said, given the uncertainty.on the back of the company's second-quarter earnings, and upgraded the stock to buy from hold.

DraftKings announced its quarterly results Thursday, in which it managed to beat Wall Street's expectations. The company posted a smaller-than-expected loss per share on revenue that exceeded estimates. Jonas said the company "showed us the money — a quicker and more visible path to profitability" with the report.

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