in recent months, and urged his followers to buy up gold, silver, and bitcoin as stock prices tumble.
Many economists, meanwhile, are warming to the idea that the US will see a soft landing of its economy. Though Fitch's downgrade shocked investors, the move didn't reveal anything that investors didn't already know about the economy, experts say, meaning the sell-off could be more of a seasonal correction as opposed to a new stressor for stocks.
"Fitch's downgrade reflects a reality that investors have already learned to accept so, while today's equity market response was negative, it does not add anything new to the discussion," DataTrek co-founder Nicholas Colas said in a note on Thursday."We should not therefore be too surprised at today's price action."
Some Wall Street commentators have also brushed off the downgrade, given the historical safety of US debt assets. are among those who have expressed disapproval of the move, slamming Fitch's decision as"bizarre" and"ridiculous."