(Wednesday market open) A defensive, “risk-off” mood gripped global markets early Wednesday after Fitch Ratings’ surprise downgrade of its rating for U.S. Treasuries to AA+ from AAA. The move sparked a rapid retreat from riskier assets, but the bond market saw little initial reaction. Treasuries initially rose following the news.
(Tuesday market open) The new month starts with stocks tinted red, but this week’s main events are just getting underway. A rise in Treasury yields might have investors nervous early Tuesday as the 10-year yield popped back above 4% ahead of key U.S. economic data. Last week’s brief move into that territory weighed on Wall Street.