Dow dips 300 pts at open on US debt downgrade

Markets opened sharply lower on Monday following Moody’s decision to lower the United States’ credit rating, which was announced Friday after market close, reducing the nation’s status to Aa1 from Aaa, pointing to fiscal challenges related to the mounting federal budget shortfall and the impact of refinancing current US debt during a time of elevated interest rates.

The Dow Jones Industrial Average went down 0.72% or 305 points at the open. The worst performer was Chevron Corporation, losing 2.21%. The S&P 500 lost 1.03%, with Tesla Inc. decreasing 4.20%. The Nasdaq 100 declined 1.27% or 261 points, as Marvell Technology Inc. decreased 4.60%. The euro traded 0.85% higher against the dollar to change hands for 1.12572 at 9:29 am ET.