US Stock Market LIVE: Dow Jones drops more than 200 points as yields spike on US debt downgrade

US Stock Market LIVE: US stock futures slid on Sunday evening as Moody’s downgraded the US credit rating from Aaa to Aa1, citing growing deficits and the challenges of refinancing debt amid higher borrowing costs. Dow futures fell by 300 points, while the S&P 500 and Nasdaq futures dropped 70 and 300 points respectively. The downgrade followed a week in which Wall Street’s benchmark indices turned positive for the year—boosted by a temporary US–China tariff truce. Watch this space for all the Live updates.

US Stock Market LIVE: US stock futures have seen a slide in early trading on Sunday evening US time, as a credit rating downgrade of the world's largest economy by Moody's has hit sentiment. The Dow futures are down 300 points, while those on the S&P 500 and Nasdaq are down 70 points and 300 points respectively. Late on Friday, Moody's downgraded US' credit rating by one notch to Aa1 from Aaa, bringing the agency in-line with its peers, citing the growing budget deficit and the ramifications of rolling over existing US debts amidst higher borrowing costs. The downgrade comes in a week where benchmark indices on Wall Street turned positive for the year as Wall Street cheered a temporary truce between the US and China with regards to tariffs. The Nasdaq jumped over 7% last week, while the S&P 500 gained on all five days, ending 5% higher on a weekly basis. The Dow also turned positive year-to-date after a 300-point surge on Friday. Crude prices are down in early trading, while Gold has seen a sharp rebound as equities took a hit. Yield on the 10-year is at 4.44%. Watch this space for all the Live updates.