The S&P 500 is now just 3% from its record high despite continued uncertainty around the impact of tariffs on the economy.

Stock futures fell and Treasury yields soared on Monday as investors responded to news that a major ratings agency had downgraded its assessment of U.S. federal government debt.

US stock futures wavered after investor optimism largely persisted for another day despite growing warnings that relief over trade developments could be short-lived.

U.S. stock futures have drifted lower since the release of the latest batch of U.S. economic data at 8:30 a.m. Eastern Time, although they continued to point toward a higher open. The data included a reading on housing starts,