Late Market Roundup

Shares of Amazon.com AMZN fell about 2% after analysts at Susquehanna Financial Group downgraded the company from “positive” to “neutral.” According to the analysts, the Kindle e-reader is facing competitive pressures in the market, which can cause concern among investors. Crude futures moved down today after uncertainties related to the tropical storm that could disrupt production eased. The futures weakened despite positive US macroeconomic data. Light, sweet crude for August delivery dropped $0.67 to $78.20 a barrel on the New York Mercantile Exchange (NYMEX). According to analyst Tom Bentz of BNP Paribas, "It doesn't look like it's going to be a threat to the (Gulf of Mexico's) refining areas." Fitch Ratings has confirmed its long-term foreign and local currency ratings for Brazil at BBB-. The agency has, however, raised its outlook from “stable” to “positive.” According to Fitch, "The outlook revision reflects Brazil's better-than-expected resilience and economic performance in the face of the global recession, which together with its relatively prudent economic policies should allow the country's per capita income and fiscal solvency ratios to improve steadily during the forecast period." Due to the presidential elections in October, the agency does not expect the country to make any significant change in the economic policies of the country. After a volatile opening, gold futures started slipping, following the strengthening of the US dollar against other major currencies. Gold for August delivery dipped 0.5% to $1,250 an ounce on the Comex division of the New York Mercantile Exchange (NYMEX). The dollar index (DXY) gained 0.13% to 85.43. According to senior market strategist Charles Nedoss of Olympus Futures, "A lot of it is due to the euro coming off its highs and the dollar's strength.” Read more from Benzinga's Markets.