Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. Equities tumble on Fitch downgrade Starbucks has ‘exceptional quarter’ Investors cheer Pioneer earnings 1. Equities tumble on Fitch downgrade U.S. equities fell Wednesday after Fitch Ratings cut its rating on U.S. government debt to AA+ from AAA, citing “expected fiscal deterioration over the next three years.” The tech-heavy Nasdaq was getting the worst of it — down about 2% in late morning trading — as bond yields soared. Overall, the Fitch downgrade was mostly an excuse to sell the already-overbought market. There could be a buying opportunity for stocks like Palo Alto Networks (PANW), which was sinking more than 6% during Wednesday trading. “Tech stocks are getting clobbered and you get an opportunity to buy [more] for no reason,” Jim Cramer said.
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