The downgrade follows a change in the outlook on the sovereign in 2023 due to wider fiscal deficit and higher interest payments, and comes as Congress debates tax and spending plans that could deepen the fiscal hole.

US stock futures slide after Moodys downgraded the countrys credit rating from “Aaa” to “Aa1,” raising alarm over Americas growing $36 trillion debt. This unexpected jolt hit Wall Street early Monday,

Moody's downgraded the U.S. sovereign rating from 'Aaa' to 'Aa1', sparking concerns over the increasing national debt. This development influenced U.S. stock index futures and Treasury yields, further affecting the market as major stocks trended lower.