U.S. stocks closed higher after an unsurprising US credit rating downgrade. Treasury yields rise. S&P 500 extends winning streak to six days.

After recovering from an initial jolt, U.S. stocks drifted through quiet trading following the latest reminder that the U.S government may be hurtling toward an unsustainable mountain of debt.

In a separate interview on Fox Business Network’s “Mornings with Maria” on Monday, Hassett called U.S. debt “the safest bet on Earth,” but similarly said that the new rating is “backward looking” and is “penalizing us for all the reckless spending of the Biden administration” — all while predicting an economic “liftoff.”

Moody's downgrade of the U.S. sovereign credit rating late Friday appeared to have a modest impact on corporate bond market activity on Monday, as spreads widened slightly and new bond sales started the week softer than expected.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

Investors will be watching Home Depot (HD) earnings on Tuesday for signs of consumers pushing off home renovation projects due to tariffs and challenges in the housing market. Wall Street expects the home improvement retailer's revenue grew 7.

(Reuters) -U.S. stock index futures were marginally lower on Tuesday as investors awaited commentary from Federal Reserve officials through the day to gauge the central bank's policy stance after the latest downgrade of the United States' credit rating.

Singapore among small and dwindling number of nations with top credit ratings from all three rating firms. Read more at straitstimes.com. Read more at straitstimes.com.