US equity futures down as the market weighs Fitch downgrade

<p>US equity futures are down 33 points to 4568 shortly ahead of the open. That's down about 0.7% but above the 4552 low set early in Europe.</p><p>Selling re-accelerated after the Treasury's quarterly refunding announcement showed larger auction sizes. That boosted Treasury yields, especially at the long end with US 30s now up 5.2 bps to 4.15%, which is a high for the year.</p><p>The main news of the day is that Fitch lowered the US's credit rating to AA+ from AAA, joining S&amp;P which did the same 12 years ago. ADP also reported strong payrolls growth, which could mean higher US interest rates for longer.</p>

This article was written by Adam Button at www.forexlive.com.