U.S. stock futures fell Wednesday after Fitch downgraded the long-term rating for the U.S. and traders scrutinized the latest batch of second-quarter earnings results. Dow Jones Industrial Average futures slid by 192 points, or about 0.5%. S&P 500 and Nasdaq-100 futures lost 0..7% and 0.9%, respectively. Fitch Ratings cut the long-term foreign currency issuer default rating for the U.S. to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.” “While it’s disappointing, I don’t think we’ll have a meaningful impact to the economy in the near term, but it’s a warning shot to Washington,” Brooke May, Managing Partner at Evans May Wealth told CNBC’s “Worldwide Exchange” on Wednesday A busy earnings week carried on. Advanced Micro Devices rose 2% before the bell on better-than-expected results. Meanwhile, CVS Health lost 2% even after posting strong earnings as it trims costs. SolarEdge Technologies tumbled nearly 15% after missing second-quarter revenue expectations. Earnings season is more than halfway through with results coming in stronger than expected. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. The earnings beats have added to bullish investor sentiment, continuing this year’s recovery. “A soft landing is quickly becoming consensus and stocks may take a breather post a strong rally,” saud Emmanuel Cau, head of European equity strategy at Barclays. “But absent a negative catalyst to alter the goldilocks narrative, we think the grind higher can continue.” Elsewhere, the latest ADP jobs report showed that the private sector added 324,000 jobs in July. That far exceeded the jobs gains expected by economist polled by Dow Jones, but marked a decrease from June’s downwardly revised 455,000. Those moves follow a lackluster first day of trading to start August. On Tuesday, the S&P 500 fell 0.27%, while the Nasdaq Composite declined 0.43%. The Dow Jones Industrial Average added 71.15 points, or 0.2%, and reached its highest level since February 2022 at one point in the session. Asia-Pacific markets fell Wednesday after ratings agency Fitch cut the U.S. credit rating from AAA to AA+, citing “expected fiscal deterioration over the next three years.” Japan’s Nikkei 225 led losses in the region, falling 2.3% and closed at 32,707.69, dragged by utilities and health technology stocks, while the Topix is also down 1.52% and ended at 2,301.76. Hong Kong’s Hang Seng index also slipped 2.27% in its final hour, mainly due to health-care stocks. Mainland Chinese markets were also in negative territory. The Shanghai Composite slid 0.89% to close at 3,261.69, and the Shenzhen Component was also down 0.35% to end at 11,104.16. South Korea’s Kospi fell 1.9% to 2,616.47, snapping a four day win streak and the Kosdaq also dipped 3.18% to 909.76. The country saw its inflation rate for July come in at 2.3% — its lowest level in 25 months. Meanwhile, Australia’s S&P/ASX 200 dropped 1.29% to close at 7,354.7 a day after the Reserve Bank of Australia held its benchmark interest rate at 4.1%. Oil prices surged on Wednesday, trading near their highest levels since April, buoyed by crude and fuel product inventory data showing robust U.S. demand. Brent crude futures for October were last up 40 cents, or 0.47%, to $85.31 a barrel. U.S. West Texas Intermediate crude for September climbed 47 cents, or 0.58%, to $81.84 a barrel. U.S. crude inventories fell by 15.4 million barrels in the week ended July 28, according to market sources citing American Petroleum Institute figures, compared with analysts’ estimates for a drop of 1.37 million barrels. If the U.S. government figures, due later on Wednesday, match the API drawdown number, it would mark the largest drop in U.S. crude inventories according to records dating back to 1982. Gold edged higher on Wednesday, helped by some safe-haven bids after Fitch downgraded the United States’ top credit rating, although an uptick in dollar capped bullion’s gains. Spot gold was last up 0.36% at $1,951.09 per ounce, while U.S. gold futures rose 0.48% to $1,988.30.