Wall Street stocks slipped and US Treasury yields jumped on Monday after ratings agency Moody’s cut the United States’ credit rating.
Moody’s late on Friday slashed the United States’ sovereign credit rating to “Aa1” from “Aaa”, citing rising levels of government debt and interest payment ratios “to levels that are significantly higher than similarly rated sovereigns.”
At 09:35 AM ET, the Dow Jones Industrial Average fell 222.40 points, or 0.52%, to 42,432.34, the S&P 500 lost 55.42 points, or 0.93%, to 5,902.96, and the Nasdaq Composite lost 257.49 points, or 1.34%, to 18,953.61.
Investors are closely watching the US Congress, where the House is expected to vote this week on President Donald Trump’s fiscal legislation, which pairs tax reductions with cuts to health coverage for low-income Americans.
US Treasury Secretary Scott Bessent said in television interviews over the weekend that Trump would impose tariffs at the rates he had…
