Moody's downgrade of the U.S. credit rating made it the third of the three major ratings agencies to downgrade U.S. credit since 2011 amid widening budget deficits.

U.S. stocks turned mostly higher despite Moody's trimming the US' credit rating. Treasury yields jump as investors demand more payout to hold US debt.

Ray Dalio warns that Moody's credit downgrade doesn't reflect the risks of money printing by the federal government in order to pay off debt.