U.S. stock futures point to a lower open after Moody's stripped the U.S. of its top credit rating. Moodys cut its credit rating on Friday a notch to Aa1 from Aaa due to likely difficulty financng the federal government’s growing budget deficit and the ramifications of rolling over existing U.

U.S. Treasury yields spiked on Monday after Moody’s downgraded the U.S.’ credit rating, citing fiscal concerns.