U.S. Capitol building
Fitch downgraded the US's credit rating Tuesday.
  • Stocks have racked up easy gains over the past few months thanks to AI and cooling inflation. 
  • But investors are suddenly worried about debt again after Fitch slashed its credit rating for the US. 
  • The last time this happened was 2011 – and the S&P 500 took six months to recover its losses.

It's been a brilliant year for the stock market – so far.

The benchmark S&P 500 index is currently on a five-month winning streak, up 19% in 2023 thanks to a looming Federal Reserve pause and a massive surge in interest in artificial intelligence.