Stock futures slipped Wednesday, and looked poised to continue Wednesday’s selloff trend on the back of Fitch’s U.S. downgrade. Wall Street also weighed the latest batch of quarterly results.

Futures tied to the S&P 500 fell 0.3%, while Nasdaq 100 futures dropped 0.5%. Dow Jones Industrial Average futures dipped 70 points, or 0.2%.

Chipmaker Qualcomm lost 8% after the company missed analysts’ expectations on fiscal third-quarter revenue and guidance for the current period. DoorDash added 3.6% after beating expectations on revenue, while Moderna gained on a boosted Covid vaccine outlook.

Tech bellwether Apple and e-commerce giant Amazon are slated to report after the close. Thus far, nearly 67% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 81% of those companies beating expectations, according to FactSet.

Stocks on Wednesday sold off, with the Nasdaq Composite dropping 2% for its worst day since February as tech stocks tumbled and bond yields spiked. The S&P 500 and Dow Jones Industrial Average also closed lower.

Fitch Ratings cut the United States’ long-term foreign currency issuer default rating to AA+ from AAA late Tuesday, citing “expected fiscal deterioration” over the next three years as well as weakening governance. Previously, stocks were posting a strong string of gains, led by growth names.

“Sometimes markets need to digest a [torrent] of gains and this, coupled with a choppy seasonal backdrop, was poised for a pullback,” said Quincy Krosby, chief global strategist for LPL Financial. “Fitch provided the rationale.”

In other news, the Bank of England on Thursday hiked interest rates by 25 basis points, in the latest move by a global central bank to tame inflation.

Wall Street also assessed the latest economic data, including in-line weekly jobless claims. Productivity data also showed an uptick in the second quarter.