Trump’s Tax Cut Bill passes major committees and moves to the House
President Donald Trump’s sweeping tax bill passes major committees and moves to the House vote.
US stocks were narrowly mixed the day after rising yields were spurred.
Treasury yields have risen, with 30-year bond yields penetrating the 5% level, reaching the highest level since 2023 amid concerns about a government deficit. The law, called “One, Big, Beautiful Bill,” passed the house and now went to the Senate. Among the provisions included to jump that final hurdle, the state and local tax (salt) deduction cap increased to $40,000 from Medicaid labor requirements in December 2026, not 2029.
At 9:57am ET, the Blue Chip Dow rose 0.02% or 6.29 points to 41,866.73. The Broad S&P 500 has added 0.05% (2.65 points) to 5,847.26. And the high-tech Nasdaq rose 0.54% or 102.7 points to 18,975.34. The benchmark’s 10-year Treasury yield fell to 4.595%, while the 30-year bond yield was up to 5.119%.
Bitcoin touched on record record of over $111,000, and oil prices slipped after Bloomberg said its oil production membership (OPEC+) was discussing its third consecutive oil production surge in July and was discussing 411,000 barrels a day among options under consideration.
Separately, Bardis Dombrovskis, the top economic officer of the European Union, meets with Treasury Secretary Scott Bescent to discuss tariffs and trade negotiations.
Corporate News
- Clothing retailer Urban Outfitters’ quarterly results top analyst forecasts. The stock has been added over 19%.
- Snowflake has increased its full-year sales outlook for product revenue, exceeding analysts’ expectations. The data storage company results for the first three months of the year also won the street estimate. Stocks jumped over 9%.
- AT&T has agreed to a significant acquisition of Mass Markets Fiber Internet Connectivity Business from Lumen Technologies. Lumen shares rose 6.82% and AT&T slightly.
- Walmart plans to cut jobs for 1,500 companies. The stock was slightly higher.
- Nike plans to sell its products on Amazon’s US site for the first time in over five years. Nike Stock rose 1.88%.
- Advanced Auto Parts reported results for the first three months of the year that beats analyst forecasts. Stocks skyrocketed 42%.
Cryptocurrency
Bitcoin continued its slow climb, rising 1.43% to $111,178.80. The gathering is driven by more institutional purchases and corporate adoption of digital assets.
Earlier this week, JPMorgan CEO Jamie Dimon said that bank clients are now able to purchase Bitcoin. Other major banks like Morgan Stanley allow already qualified clients to invest in Bitcoin.
This story has been updated with new information.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
