The three major averages in the US swung between small gains and losses on Thursday, as investors weighed ongoing concerns about the nation's fiscal outlook.
The House narrowly passed President Trump's new tax bill, which is expected to widen the budget deficit by nearly $3 billion over the next decade and includes a $4 trillion increase in the US debt ceiling. The legislation now heads to the Senate, with a vote anticipated by August.
Meanwhile, market participants are monitoring developments on the trade front and awaiting the release of flash S&P Global PMI data, which will offer an early glimpse into the US business activity for May.
Energy and utilities were the worst performing sectors, with solar shares including Sunrun (-42%) sinking as the new bill accelerates the end of incentives for clean electricity production. In contrast, communication services stocks outperformed. Among megacaps, Apple lost about 0.7% while Alphabet rose more than 2%.
Source: Trading Economics
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