Right now in fast, bitch, downgrades, the U.S. but many investors, including America's

most influential CEO, Jamie Diamond, call the move ridiculous still.

We saw the markets react, rates spike to big part of tech are hit hard today, we'll

go inside the slide straight ahead, plus Apple and Amazon on the clock, the two tech

Titans reporting tomorrow, both stocks tumbling today, not exactly sizzling this summer, so where

do we go from here?

We'll debate that.

And later we'll have the after-resaction, a host of earnings movers from Qualcomm to

Robinhood to Tizillo, and much more.

I'm Melissa Lee, this is Fast20, we're live with the Nasak Market site on the desk tonight.

Karen Feinerman, Steve Grasso, Tim Seymour, and Julie Beale, we start off with a straw

that might have finally broken the rallies back, which is downgrade of the United States

long-term credit rating, so that the yield on the 10-year treasury to its highest level

since last November.

And that took the wind out of the sales of the equity rally in a big way, but outdropping

nearly 350 points going negative for the week, the S&P down 1.4 percent for its lowest

close in more than two weeks, the Nasak shedding more than 2 percent in its biggest loss since

February.

But take a look at the socks that were particularly hard-hit, high multiple names like Z Scalar,

Datadog, Crowdstrike, all dropping more than 6 percent, semi-conductors also taking

a leg lower, AMD, which was up about 6 percent after its earnings report last night, and

the day down more than 7 percent.

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