Last of major ratings firms strips top rating more than 13 years after S&P was first to downgrade U.S. from triple-A
Just when the stock market had clawed back all the losses sparked by the panic over President Donald Trump’s tariff plans, investors face another round of debt-related angst as markets slid Sunday after Moody’s Ratings stripped the U.S. government of its last triple-A credit rating.
Strategists warned the move, announced after the market close on Friday, could spark some near-term selling in stocks and Treasurys.
Dow Jones Industrial Average futures fell more than 250 points, or 0.6%, by Sunday evening. S&P 500 futures also dropped 0.6% while Nasdaq-100 futures sank 0.7%. The ICE U.S. Dollar Index, a gauge of the dollar’s value relative to major rivals like the euro, was down 0.4%.