Stocks recover some poise ahead of North America trading

<p>S&amp;P 500 futures have pretty much more than halved losses now, being down just 0.4% after having been down a little over 1% earlier in the session.</p><p>It's been a gradual recovery after a dip in the opening hour of European morning trade. Dip buyers are certainly making themselves known and are we going to see a stronger turnaround when Wall Street steps in later? We shall see.</p><p>Just in case you missed the big headline earlier today, Fitch moved to cut US' credit rating from AAA to AA+ and that triggered a risk-off wave in markets. That led to some more selling in Europe before the latest turnaround here.</p><p>I would think that there would be a further pullback on equities in light of the news and after a strong run of gains in July. But as mentioned <a href="https://www.forexlive.com/news/a-more-cautious-mood-after-fitch-cuts-us-credit-rating-20230802/" target="_blank" rel="follow">here</a>, this is a market that can quickly brush off almost anything and this latest news is arguably no exception to that matter of fact.</p>

This article was written by Justin Low at www.forexlive.com.