Dow futures edge lower on Wednesday evening after Fitch Ratings placed the U.S. Triple-A credit ratings on 'ratings watch negative' due to brinkmanship in...
U.S. stock futures were mixed after the top Triple-A credit ratings of the U.S. were placed on “rating watch negative” by credit firm Fitch Ratings Wednesday evening, due to “brinkmanship” in Washington, over raising the government’s borrowing limit and the nation’s growing debt burden.
Dow futures YM00 were off about 66 points, or 0.2%, near 32,800 on Wednesday evening, according to FactSet, signaling the potential for continued pressure on the blue-chip index after it closed Wednesday down for a fourth day in a row. “The failure to reach a deal to raise or suspend the debt limit by the x-date would be a negative signal of the broader governance and willingness of the U.S. to honor its obligations in a timely fashion, which would be unlikely to be consistent with a ‘AAA’ rating,” Fitch said.
“As Secretary Yellen has warned for months, brinkmanship over the debt limit does serious harm to businesses and American families, raises short-term borrowing costs for taxpayers, and threatens the credit rating of the United States,” Treasury spokesperson Lily Adams said Wednesday night. “Tonight’s warning underscores the need for swift bipartisan action by Congress to raise or suspend the debt limit and avoid a manufactured crisis for our economy.
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