Big Tech Stocks Drop After Moody’s Strips U.S. of Its Top Credit Rating

Tiger Newspress05-19

US stocks dropped and Treasuries yield curve steepened after Moody’s Ratings stripped the US government of its top credit rating, citing a ballooning budget deficit it said showed little sign of narrowing. Gold rose.

The downgrade risks reinforcing Wall Street’s growing worries over the US sovereign bond market and revives the ‘Sell America’ concerns triggered by President Donald Trump’s trade war. The rating cut comes as Capitol Hill debates even more unfunded tax cuts and the economy looks set to slow as Trump upends long-established partnerships and re-negotiates trade deals.

Big tech stocks dropped in morning trading. Tesla and Palantir fell 4%; Super Micro Computer and Apple fell 3%; AMD, TSMC, Nvidia, and Amazon fell 2%; Meta fell 1%.

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