Wall Street's main indexes slipped on Monday, with technology stocks falling as Treasury yields spiked after Moody's downgraded the U.S. sovereign rating, sharpening focus on its mounting debt. Moody's cut the United States' sovereign credit rating to "Aa1" from "Aaa" late on Friday owing to concerns about its ballooning $36-trillion debt,

US Treasury Secretary Scott Bessent dismissed Moody's downgrade of the United States’ sovereign credit rating. The ratings firm expects the US to add $4 trillion to the federal primary deficit in the next 10 years.