U.S. stocks closed mostly flat on Thursday as investors weighed the impact of President Trump's newly passed tax and spending bill on growing concerns over the ballooning U.S. deficit.
The S&P 500 and Dow closed slightly lower, while the Nasdaq rose 0.3%. Wall Street remained cautious, with the bill — featuring tax cuts and increased defense spending — now heading to the Senate and potentially adding trillions of dollars to the $36 trillion national debt. The Congressional Budget Office pegs the cost at nearly $4 trillion, stoking concerns of fiscal instability.
The bond market reflected the anxiety, with the 30-year Treasury yield briefly touching 5.14%, its highest since 2023. Solar stocks such as Sunrun (-37%) plunged, dragging energy and utilities lower, while communication services outperformed. Despite the volatility, the S&P Global Composite PMI rose to 52.1 in May, showing signs of resilience, even as housing and employment data sent mixed signals. (alg)
Source: Trading Economics
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