Dow Futures Edge Lower After Trump’s Tax Bill Clears The House

U.S. stocks appear set for a weak opening on Thursday as President Donald Trump’s highly anticipated tax bill cleared a key hurdle after passing the U.S. House of Representatives with a slim margin of 215-214.

The  fate of Trump’s tax bill seemed uncertain on Wednesday, amid concerns from the SALT caucus and the conservative faction. This comes after House Speaker Mike Johnson revealed that an agreement with the SALT caucus on deduction caps had been reached.

While Dow Jones futures were down by 0.07% at the time of writing, the S&P 500 futures rose 0.12%, and the tech-heavy Nasdaq 100’s futures were higher by 0.21%. Futures of the Russell 2000 index were down by 0.18%.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) was up 0.11% on Thursday morning, while Invesco QQQ Trust (QQQ) rose 0.21%.

Despite concerns that Trump’s tax bill would increase the fiscal deficit, the 30-year Treasury yield was up by just one basis point to 5.10%. The benchmark 10-year yield was unchanged at 4.59% at the time of writing, while the 2-year yield remained unchanged at 4.01%.

Bitcoin (BTC) rose 4.20% in the past 24 hours, scaling a new all-time high.

Asian markets ended Thursday’s trading session negatively, with KOSPI tumbling the most at 1.23%, followed by the Hang Seng index at 1.20%. The Nikkei 225 index fell 0.85%, while the TWSE Capitalization Weighted Stock index fell 0.61%.

The Shanghai Composite declined 0.22%.

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Also See: Bitcoin Soars To New All-Time High, Blasts Past $109,000