Dow Jones Today: Stock Futures Fall After S&P 500 Winning Streak Snapped; Treasury Yields Rise Amid Tax Bill Concerns

Stock futures are pointing to a lower open for major indexes on Wednesday as investors keep close tabs on deliberations in Congress on a sweeping bill that would extend significant tax cuts and boost spending.

Futures tied to the S&P 500 and tech-heavy Nasdaq were each down 0.5% recently, while Dow Jones Industrial Average futures fell 0.7%. Stocks are coming off a losing session on Tuesday, when the S&P 500 closed lower for the first time in seven days.

Investors have grown more optimistic in recent weeks—pushing the S&P 500 and the Dow back into positive territory for 2025—as global trade tensions have subsided, while economic indicators and corporate earnings reports have remained generally strong. However, concerns persist about the impact of President’s Donald Trump’s “One Big, Beautiful Act”, which experts say could cause the federal deficit to swell.

The yield on the 10-year Treasury note was at 4.55% this morning, up from 4.48% late yesterday, an indication of the growing concerns about the tax bill as it moves through the House of Representatives. The 10-year Treasury yield, which directly affects borrowing costs on a wide range of consumer and business loans, is trading near its highest level since February.

Among stocks on the move, Target (TGT) was down 6% in premarket trading after the retailer lowered its full-year revenue projections amid a drop in sales. Lowe’s (LOW) shares rose about 2% after the home-improvement retailer reported first-quarter profit that was better than analysts expected and affirmed its full-year outlook

Palo Alto Networks (PANW) shares were down 5% ahead of the bell even as the cybersecurity provider reported better-than-expected quarterly results.

Shares of the world’s largest technology companies were mostly lower this morning, though the moves were modest. Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) were each down less than 1%, while Alphabet (GOOG) and Tesla (TSLA) inched higher.

Bitcoin was at $106,800 recently, after hitting an overnight high of around $108,000. The digital currency is edging closer to its record high of just over $109,000 set in January.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was down 0.5% at 99.66, trading near its lowest levels of the month.

Gold futures were up 0.7% at $3,305 an ounce, gaining for the third straight day as some investors turn to the traditional safe haven asset as equities come under pressure. West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.6% to $63 per barrel.