HONG KONG (AP) — Global shares fell Monday and U.S. futures and the dollar also weakened after Moody’s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.

Treasury Secretary Scott Bessent downplayed the U.S. credit downgrade as a "lagging indicator" of economic and fiscal conditions, after Moody's took the U.S. off its top tier.

The yield on both 10 and 30-year government bonds rose on Monday after another credit ratings agency downgraded the US on Friday.

White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

Investors will get the first chance to react to Moody’s downgrade of the U.S. credit rating late Friday over rising government debt and they’ll also look for more progress from President Trump on trade deals as the week kicks off.

Bitcoin sold off from $107,000 due to profit taking, and the recovery back to $105,000 is a sign that multiple bidders expect higher prices in the near future.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating. Spot gold rose 0.9% to $3,229.51 an ounce by 1315 ET (1715 GMT).

Long-dated Treasuries fell on Monday as investor attention turned to the US ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.