Futures Drop After Fitch Threatens Downgrade

Just minutes ago, credit rating giant Fitch lowered the US's AAA credit rating outlook to "negative," warning that it may strip the country of it's pristine rating.

U.S. stock market futures are tanking on the news. Dow futures are down over 100 points. Here's a roundup from Bloomberg:

"The U.S. authorities have not raised the federal debt ceiling in a timely manner before the Treasury exhausts extraordinary measures," said Fitch. "The U.S. Treasury Secretary has said that extraordinary measures will be exhausted by 17 October, leaving cash reserves of just USD30bn. Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default."