The U.S. dollar slipped against the Japanese yen and the euro too.
The basic issue? While much of Wall Street and the economics establishment (not to mention Moody’s) see America’s ever-expanding debt as unsustainable, the budget bill being pushed by the Trump administration would likely add billions more.
One spot of green among all the red in U.S. markets? Novavax, which jumped more than 16% on news that the FDA had approved its COVID jab, albeit with restrictions.
Here’s a snapshot of today’s action prior to the opening bell in New York:
