HONG KONG (AP) — Asian shares fell Monday and U.S. futures and the dollar weakened after Moody’sRatings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.

The future for the S&P 500 lost 0.9% while that for the Dow Jones Industrial Average fell 0.6%. The U.S. dollar slipped to 145.14 Japanese yen from 145.65 yen. The euro was unchanged at $1.1183.

Chinese markets fell after the government said retail sales rose 5.1% in April from a year earlier, less than expected. Growth in industrial output slowed to 6.1% year-on-year from 7.7% in March.

That could mean rising inventories if production outpaces demand even more than it already does. But it also may reflect some of the shipping boom before some of U.S. President Donald Trump’s tariffs on Chinese goods took effect.

“After an improvement in March, China’s economy looks to have slowed again last month, with firms and households turning more cautious due to the trade war,” Julian Evans-Pritchard of Capital Economics said in a report.

Hong Kong’s Hang Seng lost 0.7% to 23,184.74 and the Shanghai Composite Index edged 0.2% lower to 3,361.72.

Tokyo’s Nikkei 225 gave up 0.4% to 37,605.85 while the Kospi in Seoul dropped 1% to 2,600.57.

Australia’s S&P/ASX 200 declined 0.1% to 8,333.80.

Taiwan’s Taiex was 0.8% lower.

Wall Street cruised to a strong finish last week as U.S. stocks glided closer to the all-time high they set just a few months earlier, though it may feel like an economic era ago.

The S&P 500 rose 0.7% to 5,958.38 for a fifth straight gain. It has rallied to within 3% of its record set in February after it briefly dropped roughly 20% below it last month.

Gains have been driven by hopes that Trump will lower his tariffs against other countries after reaching trade deals with them.

The Dow industrials added 0.8% to 42,654.74, and the Nasdaq composite climbed 0.5% to 19,211.10.

Trump’s trade war sent financial markets reeling because they could slow the economy and drive it into a recession, while also pushing inflation higher.

This week featured some encouraging news on each of those fronts. The United States and China announced a 90-day stand-down in most of their punishing tariffs against each other, while a couple of reports on inflation in the United States came in better than economists expected.

That uncertainty has been hitting U.S. households and businesses, raising worries that they may freeze their spending and long-term plans. The latest reading in a survey of U.S. consumers by the University of Michigan showed sentiment soured again in May, though the pace of decline wasn’t as bad as in prior months.

Walmart (WMT) joins rocker Bruce Springsteen and pop music icon Taylor Swift as getting a verbal lashing from president Trump on social media this week.

The president ripped Walmart execs on Saturday for signaling tariff-driven price hikes that are poised to begin later this month.

“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain. Walmart made BILLIONS OF DOLLARS last year, far more than expected. Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!,” Trump said in a post on Truth Social.

“We have always worked to keep our prices as low as possible and we won’t stop. We’ll keep prices as low as we can for as long as we can given the reality of small retail margins,” a Walmart spokesperson told Yahoo Finance.

Walmart CEO Doug McMillon was among the CEOs who met with the president in late April to discuss tariff implications. A person familiar with the discussions told Yahoo Finance Walmart made a case to remove tariffs on China altogether as even lower tariffs would have major implications on prices for general merchandise items such as furniture and toys.

The Trump administration and China agreed to dial back tariffs for 90 days last week. The US tariff rate on China now sits at 30%, down from 145% at the height of the trade tussle between the economic superpowers.

“Low prices is what we stand for, and we’re going to keep prices as low as we can as long as we can,” Walmart CFO John David Rainey said on Yahoo Finance’s Catalysts (video above) this week following the company’s first quarter earnings. “But when you look at the magnitude of some of the cost increases on certain categories of items that are imported, it’s more than what retailers can bear. It’s more than what suppliers can bear.”

“And so we’ll work hard to try to keep prices low. But it’s unavoidable that you’re going to see some prices go up on certain items.”

Rainey said increases will be noticeable later this month.

Rainey added, “Well, if you’ve got a 30% tariff on something, you’re likely going to see double digits [in price increases].”

The most impacted areas for Walmart will include baby strollers, furniture, and toys. Price hikes in these departments could major impacts on suppliers such as Newell Brands (NWL), reports Yahoo Finance’s Brooke DiPalma.

Walmart’s earnings day was mixed as shoppers spent somewhat cautiously given the greater economic uncertainty.