U.S. Markets Mixed as House Passes Trump's Mega Tax-and-Spend Bill by a Hair

Wall Street ended the day in a tizzy Thursday after the House squeaked through President Trump's colossal tax-and-spend package by the skin of its teeth.

The S&P 500 took a tiny nosedive, down 0.04%, while the Dow Jones Industrial Average just shrugged, staying flat. But hey, the Nasdaq Composite decided to party, up a solid 0.28%.

This beast of a bill, which the Congressional Budget Office says will jack up the federal deficit by almost $4 trillion, is packed with massive tax cuts and beefed-up military spending.

It barely made it through the House, passing by a single vote after some last-second tweaks, including juicier deductions for state and local taxes to win over those conservative holdouts. Now it's off to the Senate for round two.

Meanwhile, Treasury yields spiked again, putting a damper on investor vibes. The 30-year bond hit a wild high of over 5.16%—the highest since 2023—before chilling out a bit.

The go-to 10-year yield also eased up slightly, landing at 4.55%.

Analysts pointed the finger at Wednesday's 20-year bond auction, saying weak demand kicked off the earlier Treasury sell-off. And yeah, those nagging worries about debt sustainability? Still hanging around.

“Short term, the tax bill is a shot in the arm for the economy,” said Jed Ellerbroek from Argent Capital. “But long haul, it's piling onto the deficit, and that's a buzzkill for markets.”

Bitcoin Keeps Smashing All-Time Highs

Bitcoin (BTC) just won't stop its epic rally, blasting past $111,000. The crypto world's buzzing about the Senate finally making moves on stablecoin rules and a Trump donor shindig packed with big-time crypto whales.

But here's the twist: Bitcoin's wild ride isn't getting derivatives traders as hyped as before. Analysts are saying it's the spot market demand driving this train, not wild speculation. The long/short ratios and liquidations? They're showing the market's feeling pretty chill about this bullish run.