20-05-2025
Wall Street stocks finish flat with sentiment weakened by Moody's downgrade
U.S. stocks finished near the unchanged mark on Monday with
market sentiment
weakened by the downgrade of the federal government's perfect sovereign credit rating owing to its huge debt profile.
Moody's slashed the U.S. sovereign credit rating to "Aa1" from "Aaa" after markets closed on Friday, citing the government's $36 trillion outstanding debt and interest.
"It is to be understood that markets were going to have a little bit of reaction because the (Moody's) announcement was after markets closed," said Talley Leger, chief market strategist at The Wealth Consulting Group. "But my view is that the 'sell-America' trade is overdone."
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
Equities had rebounded from declines earlier in the session to finish near the unchanged mark. Still, the benchmark S&P 500 notched its sixth straight sessions of gains.
Seven out of the 11 S&P sectors advanced led by healthcare, consumer staples, industrials , materials and utilities stocks.
Live Events
Energy stocks were the biggest losers in addition to consumer discretionary.
The
Dow Jones Industrial Average
rose 137.33 points, or 0.32%, to 42,792.07, the S&P 500 gained 5.22 points, or 0.09%, to 5,963.60 and the
Nasdaq Composite
gained 4.36 points, or 0.02%, to 19,215.46.
Benchmark
10-year Treasury yields
gained on concerns that a U.S. tax bill will increase the debt load by more than previously expected. The yield on benchmark U.S. 10-year notes rose 1 basis point to 4.449%.
President Donald Trump's sweeping tax-cut bill had won approval from a key congressional committee on Sunday.
TXNM Energy
rose 7% after the utility said it would be acquired by the infrastructure unit of Blackstone in an $11.5-billion deal.
Novavax shares jumped 15% after the company secured a long-awaited U.S. regulatory approval for its COVID-19 vaccine.
Regeneron Pharmaceuticals rose 0.4% after it announced it will buy genomics firm 23andMe Holdings for $256 million through a bankruptcy auction.
Declining issues outnumbered advancers by a 1-to-1 ratio on the NYSE. There were 216 new highs and 50 new lows on the NYSE.
The S&P 500 posted 26 new 52-week highs and no new lows while the Nasdaq Composite recorded 57 new highs and 57 new lows.
Volume on U.S. exchanges was 19.41 billion shares, compared with the 17.34 billion average for the full session over the last 20 trading days.
