US stocks fell on Monday as traders reacted to Moody’s outlook for the US credit rating and looked ahead to new data on inflation.
Moody’s Investors Service downgraded its outlook for the US credit rating from “stable” to “negative” on Friday, signaling the possibility of a downgrade to the current AAA rating. The agency expressed concerns about the US’ fiscal deficits and debt affordability, particularly in the context of higher interest rates and the lack of effective fiscal policy measures.
Investors are also anticipating the upcoming consumer price index for October, with headline inflation expected to have slowed to 3.28% year over year from September’s pace of 3.7%.
Shortly after the 9:30 a.m. opening bell on Monday, the S&P 500 was down 0.27% to 4,403.34, the Dow Jones Industrial Average was down 0.15% to 34,231.26, and the Nasdaq Composite had fallen 0.39% to 13,744.07.
In other news, billionaire investor Ron Baron predicts that Elon Musk’s SpaceX will be worth half a trillion dollars by 2030, while Musk suggested that Warren Buffett should have invested in Tesla when it was worth much less.
In commodities, bonds, and crypto, West Texas Intermediate crude oil edged higher to $77.25 a barrel, Brent crude ticked up to $81.48 a barrel, gold slipped to $1,933.83 per ounce, the 10-year Treasury yield rose to 4.678%, and Bitcoin dipped to $36,869.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
