Stock futures declined before the opening bell Monday after the U.S. credit rating was downgraded by Moody's Ratings on Friday. As of 8:30 a.m. EST, S&P 500 futures had shed 65 points, or 1.1%, while Dow Jones Industrial Average futures declined 252 points or 0.

Stock traders knew it was an ugly setup entering Monday, with futures lower in premarket action and Treasury yields racing higher after Moody’s downgraded the US debt at the very end of last week.