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US stock futures struggled for headway on Thursday as investors assessed the House's narrow vote to approve President Trump's "big, beautiful" tax bill and what it means for the growing US debt pile.
Dow Jones Industrial Average futures (YM=F) edged down roughly 0.6%, coming off an almost 2% drop for the blue-chip index on Wednesday. S&P 500 futures (ES=F) were down 0.5%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) slumped around 0.4%.
The House of Representatives passed Trump's giant tax-and-spending package by a single vote after a last-gasp revision aimed at winning over conservative Republican holdouts. Changes including a more generous deduction for SALT taxes paved the way for the bill moving a step closer to becoming law.
Wall Street is worried that the legislation could add trillions to the existing $36 trillion deficit, especially after Moody's directly cited the proposal in downgrading the US credit rating.
Bond yields, in high focus after a Moody's downgrade shined a spotlight on the US debt, continued a steady march higher. The benchmark 10-year yield (^TNX) rose above 4.6%, while the 30-year yield (^TYX) rose above 5.1%, putting it within striking distance of highs seen during the financial crisis.
Meanwhile, bitcoin (BTC-USD) continued to set fresh record highs, topping $111,000 for the first time as the leading cryptocurrency rose over 3% to $111,878. Ether (ETH-USD) also made gains amid growing institutional demand.
On the economic data front, preliminary PMI readings on US manufacturing and services due later will be watched for any insight into the impact of tariffs on businesses in May. Also in focus are a weekly update on jobless claims and US existing home sales.
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Solar stocks tank as tax bill that guts clean energy provisions advances
Solar stocks tanked after President Trump's tax plan advanced from the House to the Senate.
The bill speeds up the phaseout of clean energy tax credits, which have boosted wind and solar companies and were initially backed by moderates. However, changes made Wednesday night weakened many of those provisions, dealing a blow to the industry.
Sunrun (RUN) stock took the biggest beating, plummeting 43%. Meanwhile, shares of Enphase (ENPH) dropped 18%, SolarEdge Technologies (SEDG) fell 15%, and First Solar (FSLR) dipped 5%.
All four solar stocks were among the top trending tickers on Yahoo Finance in premarket trading.
Coinbase hack reveals crypto vulnerability to old-school crime: Bribery
Yahoo Finance's David Hollerith reports:
Stock futures waver after House passes Trump's 'big, beautiful bill'
The House voted to approve President Trump's "big, beautiful" tax bill on Thursday, sending the 1,000-page package to the Senate next.
US stock futures wobbled following the vote. S&P 500 futures (ES=F) hovered above the flat line, while tech-heavy Nasdaq 100 futures (NQ=F) rose 0.2%. Contracts on the Dow Jones Industrial Average (YM=F) declined 0.1%
Yahoo Finance's Ben Werschkul notes that the bill is centered around an extension of the 2017 tax cuts, signed into law during Trump's first term as president. The plan will also raise the nation's debt ceiling by $4 trillion.
Good morning. Here's what's happening today.
Economic data: Chicago Fed nat activity index (April); Initial jobless claims (May 17); Continuing claims, (May 10); S&P Global US manufacturing & services PMI (May preliminary); S&P global US composite PMI; Existing home sales (April); Kansas City Fed manufacturing activity (May)
Earnings: Advance Auto Parts (AAP), Autodesk (ADSK), BJ's (BJ), Decker's (DECK), Intuit (INTU), Ralph Lauren (RL), Ross Stores (ROST), TD Bank (TD), Workday (WDAY)
Here are some of the biggest stories you may have missed overnight and early this morning:
Trump tax bill begins House vote after last-gasp 'SALT' changes
Bitcoin tops $111,000 for first time as demand surges
Google's response to AI search threat: Bring it on
EU offers fresh trade deal to US with lobster on the menu
China's BYD outsells Tesla in Europe for first time: Report
Dimon warns of US stagflation risk, says Fed right to hold
Coinbase hack shows crypto vulnerability to old-school crime
Snowflake jumps on outlook, earnings beat
Snowflake (SNOW) stock rose 9% in premarket trading on Thursday after it raised its fiscal 2026 forecast for product revenue betting on strong demand for its data analytics services as enterprises prioritize artificial intelligence spending.
Reuters reports:
Bitcoin holds above record-breaking $110,000
Bitcoin prices topped $110,000 for the first time in the early hours of Thursday morning. The cryptocurrency has been buoyed by a recent push in positive sentiment from the White House and institutional investors.
Bloomberg reports:
Oil bounces back from fall as market reacts to selloff
Oil prices fell overnight Wednesday before clawing back gains as buyers digest a broad market sell-off as the US builds up oil inventories.
Bloomberg reports:
