U.S. Stock Index Futures After Trump's Tax Bill Approval
U.S. stock index futures were mixed after the House passed Trump's tax bill, anticipated to increase national debt significantly. If enacted, the bill could deliver new tax cuts and affect markets, including solar energy and cryptocurrency sectors. Key economic data and Federal Reserve statements are awaited.
On Thursday, U.S. stock index futures experienced varied movements following the U.S. House's adoption of President Donald Trump's tax bill. This legislation, predicted to add approximately $3.8 trillion to the federal debt over the subsequent decade, faces further scrutiny in the Republican-majority Senate.
The tax bill is pivotal in realizing much of Trump's populist agenda, encompassing new tax incentives and heightened military spending. While Trump's proposed cuts have affected sectors like solar energy, pushing First Solar stock down 8.2%, they have bolstered cryptocurrency and blockchain stocks, driven by Bitcoin reaching new highs.
The stock market experienced fluctuations, with Dow E-minis slightly down, while S&P 500 and Nasdaq 100 E-minis saw minor gains. Economic analysts are watching upcoming Federal Reserve speeches and economic indicators for further insights. Meanwhile, sectors like cloud computing showed promise, with Snowflake reporting an optimistic revenue forecast.
(With inputs from agencies.)
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