The S&P 500 Index ($SPX) (SPY) today is down -0.36%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.09%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.45%. June E-mini S&P futures (ESM25) are down -0.38%, and June E-mini Nasdaq futures (NQM25) are down -0.52%.
Stock indexes today are trading lower, and T-note yields jumped after Moody's Ratings stripped the US of its top credit rating. Late last Friday, Moody's Ratings downgraded the US government's credit rating from Aaa to Aa1, citing a ballooning budget deficit and fiscal concerns. The dollar also fell to a 1-week low, and the 1-year T-note yield jumped to a 5-week high of 4.562% as investors shed dollar assets on the news. Stocks rebounded from their lows on a wave of dip buying by investors.
