Dow Futures Rise As Trump’s Tax Bill Narrowly Passes Senate Vote: Tesla, Paramount, Constellation Brands Among Stocks In Focus

U.S. stocks appear set for a positive opening on Wednesday, as markets turned optimistic after President Donald Trump’s tax bill passed the Senate vote by the slimmest of margins on Tuesday.

Trump’s tax bill, dubbed the “Big Beautiful Bill,” includes sweeping tax breaks, which are estimated to add about $3.3 trillion to the federal deficit over the next decade.

Among other things, President Trump’s tax bill would make the 2017 tax cuts permanent. It will also fulfill some of the promises Trump made during his election campaign, including the elimination of a tax on tips.

While Dow Jones futures gained 0.18% at the time of writing, the S&P 500 futures were up 0.12%, and the tech-heavy Nasdaq 100’s futures edged up 0.05%. Futures of the Russell 2000 index surged 0.94%.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) rose 0.09%, while Invesco QQQ Trust (QQQ) was down 0.03% on Wednesday morning.

Bitcoin (BTC) surged 1.23% in the past 24 hours.

Asian markets ended Wednesday’s trading session on a mixed note, with the Hang Seng index leading with gains of 0.62%, followed by the TWSE Capitalization Weighted Stock index leading at 0.11%.

The Nikkei 225 index fell 0.56%, while KOSPI closed 0.47% lower, followed by the Shanghai Composite with a decline of 0.09%.

Stocks To Watch

• Tesla Inc. (TSLA): Tesla shares gained 1.29% in Wednesday’s pre-market trading session after the company reported a 0.8% year-on-year increase in China-made EV sales to 71,599 units in June, snapping an eight-month decline.
• Paramount Global (PARA): Paramount’s shares rose 0.69% pre-market after the company reached a $16 million settlement with President Donald Trump over allegations of deceptive editing of the then-Vice President Kamala Harris’ “60 Minutes” interview.
• Constellation Brands Inc. (STZ): Constellation shares fell 0.65% in the pre-market session after the company’s first-quarter earnings missed Wall Street expectations.
• JPMorgan Chase & Co. (JPM): JPMorgan hiked its dividend and authorized $50 billion in stock buybacks after passing the Federal Reserve’s annual stress test last week.

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Also See: Jerome Powell Says Fed Would Have Cut Rates By Now If Not For Trump’s Tariffs