U.S. stock index futures traded in a muted fashion Thursday, steadying after the previous session’s sharp selloff on concerns over high U.S. debt levels.
At 05:55 ET (09:55 GMT), Dow Jones Futures slipped 42 points, or 0.1%, while S&P 500 Futures rose 6 points, or 0.1%, and Nasdaq 100 Futures gained 50 points, or 0.2%.
The main averages slumped on Wednesday, with the blue chip Dow Jones Industrial Average falling over 800 points, weighed down by a spike in U.S. Treasury yields partly sparked by concerns that U.S. President Donald Trump’s tax bill would add trillions of dollars to America’s already-massive debt pile.
Weak demand for a $16 billion auction of 20-year Treasury bonds also put upward pressure on yields, which tend to move inversely to prices.
House passes tax and spending bill U.S. President Donald Trump’s tax and spending bill narrowly passed the House of Representatives on Thursday morning, overcoming days of political wrangling between Republicans in control of the lower chamber of Congress.
The measure passed by a narrow 215-214 margin, with one member voting present, as all Democrats opposed the bill.
The bill now moves to the Senate, where some lawmakers are pushing for revisions, with a vote on approval expected by August.
The U.S. House Rules Committee on late Wednesday approved President Donald Trump’s expansive tax and spending bill after a nearly 22-hour session, media reports showed.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Along with the extension of 2017 tax cuts, the legislation would slash taxes charged on tips and car loans, while boosting spending on defense and border security. Reductions to key food and health programs for low-income Americans are also included in the bill.
Nonpartisan analysts have said the changes would add between $3 trillion to $5 trillion to the U.S.’s $36.2 trillion debt load.
Earlier, it was uncertain if House Speaker Mike Johnson would secure enough Republican support to pass the bill. Some GOP lawmakers demanded deeper spending cuts to offset Trump’s desired tax breaks, although Johnson said he was confident he could secure their backing to overcome united Democratic opposition.
May flash PMIs due Economic concerns, exacerbated by the trade turmoil over the last couple of months, have also weighed on stock markets.
Investors will now focus on the upcoming preliminary reading of business activity in May that could provide fresh insight into the impact of Trump’s tariffs.
S&P Global’s composite purchasing managers’ index cooled to 50.6 last month, down from 53.5 in March and only slightly above the 50-point level denoting expansion.
The index’s tracker of the manufacturing sector is seen slowing to 49.9 in May, while the services gauge is expected to edge up slightly to 51.0.
Snowflake surges on raised forecast In the corporate sector, Snowflake (NYSE:SNOW) stock surged premarket after the cloud-based data storage company raised its fiscal 2026 forecast for product revenue, betting on strong demand for its data analytics services as enterprises prioritize artificial intelligence spending.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Urban Outfitters (NASDAQ:URBN) stock soaring premarket following a stronger-than-expected quarterly report - the second straight quarter of strong revenue gains and the third consecutive quarter of accelerating EPS growth.
Crude falls on OPEC+ output talk Oil prices fell further Thursday on renewed oversupply concerns, following a report suggesting that a group of top producers was considering raising output levels once more.
At 05:55 ET (09:55 GMT), Brent Oil Futures fell 1.4% to $63.99 per barrel and West Texas Intermediate (WTI) crude futures dropped 1.4% to $60.69 per barrel.
The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, is discussing whether to agree on another large production increase at their meeting on June 1, Bloomberg News reported on Thursday.
An output hike of 411,000 barrels a day (bpd) for July is among the options under discussion, although no final agreement has yet been reached, the report said, citing delegates.
OPEC+ has been in the process of unwinding output cuts, with additions to the market in May and June.
