Wall Street Gears Up for Tumultuous Trading Amid Tax-Cut Debates

Wall Street's main indexes are expected to open lower today as debates regarding President Donald Trump's extensive tax-cut bill take center stage. This legislation has raised concerns over the swelling national debt, which could increase by an estimated $3 trillion to $5 trillion, according to nonpartisan analysts.

The unusual 1 a.m. hearing by the House Rules Committee highlights Republican efforts to navigate internal conflicts over adjustments to Medicaid and tax breaks in high-tax coastal states. Investors are watching closely as tariff-induced budgetary uncertainty overcasts market optimism.

Following Moody's downgrade of the U.S. credit rating earlier this week, bond yields have surged, increasing pressure on stock valuations, especially affecting tech giants such as Amazon and healthcare conglomerates like UnitedHealth Group amidst sector-specific challenges.

(With inputs from agencies.)