Wall Street Hit by Moody's Downgrade Amid Tariff Wars
Wall Street futures fell due to Moody's downgrade of U.S. credit rating amidst rising Treasury yields and economic policy uncertainty. Concerns over U.S. trade policies and debt are affecting global markets, as evidenced by faltering Asian shares and ongoing tariff tensions with trade partners.
Wall Street witnessed a downturn on Monday after Moody's downgraded the U.S. credit rating, triggering a decline in share futures and the dollar, alongside a rise in Treasury yields.
Asian markets mirrored this downward trend due to mixed Chinese economic data and escalating U.S. trade tariffs. Meanwhile, U.S. Treasury Secretary Scott Bessent, via televised interviews, played down the downgrade while cautioning trade partners about impending tariffs without 'good faith' deals.
As markets remain volatile, MSCI's index and key European futures like FTSE and DAX registered losses, while S&P 500 and Nasdaq futures faced a drop post last week's rally, following a reduction in U.S. tariffs on China.
(With inputs from agencies.)
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