Strategists warned the move, announced after the market close on Friday, could spark some near-term selling in stocks and Treasurys.

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.