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U.S. stock futures declined modestly on Monday as investors digested Moody’s recent downgrade of the country’s credit rating. Moody’s highlighted concerns about America’s soaring multi-trillion dollar debt, which lawmakers in Washington are debating through a budget proposal that some experts fear could further increase the nation’s financial burdens. Meanwhile, market participants also tracked remarks made by Nvidia (NASDAQ:NVDA) CEO Jensen Huang during an event in Taiwan.

By 3:34 a.m. ET, Dow futures had dropped about 345 points (0.8%), S&P 500 futures fell 66 points (1.1%), and Nasdaq 100 futures slipped 301 points (1.4%). This comes after Wall Street’s major indexes logged gains for a fifth consecutive day last Friday, buoyed by optimism around a U.S.-China trade deal reached earlier in the week. The agreement raised hopes that President Donald Trump’s tariff plans might be less severe than initially expected.

Despite this, the University of Michigan’s May consumer sentiment survey showed weaker-than-expected confidence, with inflation expectations rising as Americans worry about the economic impact of tariffs. Over the week, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted solid gains.

Attention has shifted to Moody’s decision to lower the U.S. credit rating from “Aaa” to “Aa1.” U.S. Treasury Secretary Scott Bessent described the downgrade as a “lagging indicator” during an interview on NBC’s Meet the Press. He added that many share this view of credit rating agencies’ assessments.

Moody’s justified the downgrade by citing America’s growing debt and interest costs, which they say are much higher than other countries with similar ratings. The Treasury Department recently reported the U.S. debt had reached $36.22 trillion. Moody’s criticized past administrations and Congress for failing to curb large fiscal deficits and escalating interest expenses. Following the downgrade news, U.S. Treasury yields rose, as prices typically fall when yields increase.

In the political arena, Republicans in the House are pushing to pass President Trump’s ambitious tax bill ahead of a May 26 deadline. Despite ongoing divisions within the party, the bill cleared a crucial committee vote on Sunday after securing backing from four conservative GOP members who had previously stalled its progress.

Still, some conservatives expressed that while the vote marked progress, the bill did not go far enough in cutting spending and rolling back tax credits tied to Democratic policies. Trump’s plan seeks to extend tax cuts from 2017, reduce taxes on certain income streams like tips, and boost defense and border security funding.

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