Nasdaq drops more than 2% in worst day since February as Fitch downgrade ignites selloff

(CNBC) -- Stocks hit selloff mode Wednesday, and the Nasdaq Composite registered its worst day since February, after Fitch downgraded the long-term rating for the U.S. and risk-off sentiment resurfaced.

The Nasdaq Composite index shed 2.17%, while the S&P 500 pulled back 1.5%. The Dow Jones Industrial Average tumbled 380 points, or about 1.1%.

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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.”

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