White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating. Spot gold rose 1% to $3,234.70 an ounce by 1050 ET (1450 GMT).

The US is no longer a triple-A sovereign credit, but top banks think investors are focused on other market narratives, with volatility to be short-lived.

Investors will get the first chance to react to Moody’s downgrade of the U.S. credit rating late Friday over rising government debt and they’ll also look for more progress from President Trump on trade deals as the week kicks off.

Good morning. Moody’s US credit downgrade sets the stage for a jolt to the trading week. Big Tech stocks go from a safe bet to a question mark. And Dubai’s sizzling real estate market is drawing the interest of Wall Street giants.

Moody’s Ratings has stripped the United States of its last perfect credit rating, downgrading its debt from AAA to Aa1. This historic move could unsettle financial markets and lead to higher interest rates.

While the markets may not like any rating downgrade, Wall Street is unlikely to register any deep cuts. However, it’s not an ideal situation for global investors who were keen to invest in the country’s securities.