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 0.4%, coming off an almost 2% drop for the blue-chip index on Wednesday. S&P 500 futures (ES=F) were down 0.3%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) slumped around 0.2%.
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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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.
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:
Nike set to raise prices next week, plans to sell on Amazon again
Nike (NKE) shares rose 2% premarket on Thursday after the company said it will raise prices on some products next week and resume selling on Amazon (AMZN) for the first time in six years.
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.
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.
