Tech stocks closed higher in regular session on Friday while dropped in extended trading. SMCI, Palantir down 3%; Tesla, AMD, Nvidia down over 2%; Apple, Amazon down over 1%.

The US was stripped of its last top credit rating by Moody ’ s Ratings, reflecting deepening concern that ballooning debt and deficits will damage America ’ s standing as the preeminent destination for global capital and increase the government ’ s borrowing costs.

Moody ’ s lowered the US credit score to Aa1 from Aaa on Friday, joining Fitch Ratings and S&P Global Ratings in grading the world ’ s biggest economy below the top, triple-A position. The one-notch cut comes more than a year after Moody ’ s changed its outlook on the US rating to negative. The credit assessor now has a stable outlook.

"While we recognize the US ’ significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics," Moody ’ s wrote in a statement.

Moody ’ s blamed successive administrations and Congress for swelling budget deficits that it said show little sign of abating. On Friday lawmakers in Washington continued to work towards a massive tax-and-spending bill that ’ s expected to add trillions to the federal debt over the coming years.