Wall Street Reacts to Aftermath of Trump's Tax Bill Passage
Wall Street prepared for a lower open on Thursday as Trump's tax bill, which could add $3.8 trillion to the national debt, faced a Senate test. Major stock indexes fell, and while clean energy stocks declined, cryptocurrency and tech shares rose. Treasury yields increased amid debt concerns.
Wall Street braced for a downturn on Thursday, reacting to the passage of President Trump's tax bill by the House. The legislation, projected to increase the national debt by $3.8 trillion, now faces a Senate hurdle.
Major stock indexes fell, with the Dow, S&P 500, and Nasdaq posting losses as Treasury yields spiked over growing debt concerns. Clean energy stocks suffered, while tech and cryptocurrency shares experienced gains.
Despite market shifts, Wall Street overall has seen a positive month. Analysts project potential interest rate cuts contingent on U.S. economic policies. Key economic indicators, including the Purchasing Managers' Index and jobless claims, remain under close scrutiny.
(With inputs from agencies.)
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