From Triple-A To 'Aah, Whatever'

Summary

• The market began the week trying to digest Friday’s post-close downgrade of US credit by Moody’s, which cut the government’s rating from Aaa to Aa1.
• Bessent warned that holdout countries could face a return to April 2’s “Liberation Day” sky-high rates, while Hassett dangled a more optimistic line: 15 countries are “close” to a deal.
• Fed officials made the rounds, each delivering a slight variation of “wait and see”.

DesignRage

Stocks tripped on the welcome mat Monday morning after a Moody’s downgrade to America’s credit rating, then found enough spine to notch a sixth straight win for the S&P 500. Wall Street’s moral: shrug off the future, believe in the bounce.