Moody's was the last of the three major ratings agencies to downgrad the U.S. Fitch Ratings downgraded its U.S. credit rating to AA+ from AAA in 2023. Standard & Poor’s downgraded the nation’s credit rating in 2011.

Stock index futures fell sharply on Monday after Moody’s Ratings decision to strip the U.S. of its last remaining top-tier credit score. S&P 500 futures (SPX) -1.3%, Nasdaq 100 futures (US100:IND) -1.

U.S. stock index futures fell on Monday, while Treasury yields rose after ratings agency Moody's downgraded the country's sovereign rating by one notch, bringing forward concerns around the ballooning U.