Who said August would be a quiet month? All the major indexes fell 1% with the NASDAQ being the worst performer, tumbling over 2%. The negative sentiment was mostly due to the United States receiving a credit downgrade from Fitch.

This is likely a knee-jerk reaction from investors looking for a reason to sell. But if history means anything, the S&P 500 index dropped 7% the last time the U.S. had its credit rating downgraded in 2011.

While this price action may not be long-lasting, it does put Thursday?s earnings reports from Apple and Amazon in sharper focus. Better-than-expected results will likely recharge stocks, particularly in the technology-rich NASDAQ index. But if the results disappoint, it could take the broader market lower.

And before the opening bell on Friday, investors will get the latest reading on employment when the jobs report for July is released.