US stocks were lower on Monday, with the S&P 500 down 1%, the Nasdaq falling 1.3%, and the Dow shedding around 280 points, as investors retreated from US assets amid growing concerns over the country's fiscal and economic outlook. The sell-off followed Moody's downgrade of the US credit rating from Aaa to Aa1 on Friday, citing rising government debt and a widening budget deficit.
Adding to the pressure, a key congressional committee on Sunday approved President Trump's proposed tax-cut package, which includes hundreds of billions of dollars in new, unfunded tax reductions, deepening fears over long-term fiscal sustainability.
These developments come on the heels of weaker-than-expected economic data last week, further fueling concerns about the US growth trajectory. All sectors were in the red but consumer discretionary, energy and tech underperformed. Megacap tech stocks were mostly lower, including Apple (-2.3%), Nvidia (-1.6%), Amazon (-1.6%), Meta (-1.3%), and Alphabet (-0.9%).
Source: Trading Economics
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