News

U.S. stocks opened lower, taking a breather a day after stocks made a comeback to close higher despite Moody's stripping the U.S. of its top AAA rating.

The broad S&P 500 index eked out a sixth straight winning session as investors shrugged off the downgrade because it "doesn’t reveal anything new—the US fiscal trajectory has been unsustainable for some time," said Larry Adam, chief investment officer at Raymond James.  Those gains put the S&P 500 around 3% from its record high.

At 9:49 a.m. ET, the blue-chip Dow eased 0.28%, or 119.44 points, to 42,672.63; the S&P 500 lost 0.48%, or 28.81 points, to 5,934.79; and the tech-heavy Nasdaq shed 0.63%, or 120.14 points, to 19,095.33. The benchmark 10-year Treasury yield rose to 4.517%.

Corporate news

Most companies have already reported quarterly results, but there remain a few that investors will keep an eye on.

After the bell, homebuilder Toll Brothers and Palo Alto Networks report their quarterly results. On May 21, big box retailer Target, Lowe's and TJX earnings are due before the market open.

Separately, UnitedHealth shares continued to rise, last up fractionally, after Securities and Exchange Commission filings recently showed Chief Executive Stephen Hemsley and other insiders bought shares as the stock fell to the lowest level since 2020. Hemsley acquired $25 million worth of company shares at an average of $288.57 a piece on May 16, while the CFO bought $5 million worth.

Tesla Chief Executive Elon Musk said at a conference he will stay atop the company's leadership for five years. Shares of the giant electric vehicle maker added 2.5%.

Cyrptocurrency

The Senate advanced landmark cryptocurrency legislation that would create the first-ever U.S. regulatory framework for digital tokens known as stablecoins that are pegged to the value of the dollar.

The Senate voted 66-32 with help from some crypto-friendly Democrats after bipartisan negotiations to clear the 60-vote threshold required to advance the measure.

Bitcoin was last down 1.12% to $104,422.30.

This story was updated with new information.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.

This article originally appeared on USA TODAY: US stocks start down. Tesla up on Musk's 5-year commitment to stay.