Dow, S&P 500, Nasdaq futures slip after House gives green light to Trump’s tax bill

US stock futures struggled for headway on Thursday as investors assessed the House’s narrow vote to approve President Trump’s “big, beautiful” tax bill and what it means for the growing US debt pile.

Dow Jones Industrial Average futures (YM=F) edged down roughly 0.4%, coming off an almost 2% drop for the blue-chip index on Wednesday. S&P 500 futures (ES=F) were down 0.3%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) slumped around 0.2%.

The House of Representatives passed Trump’s giant tax-and-spending package by a single vote after a last-gasp revision aimed at winning over conservative Republican holdouts. Changes including a more generous deduction for SALT taxes paved the way for the bill moving a step closer to becoming law.

Wall Street is worried that the legislation could add trillions to the existing $36 trillion deficit, especially after Moody’s directly cited the proposal in downgrading the US credit rating.

Bond yields, in high focus after a Moody’s downgrade shined a spotlight on the US debt, continued a steady march higher. The benchmark 10-year yield (^TNX) rose above 4.6%, while the 30-year yield (^TYX) rose above 5.1%, putting it within striking distance of highs seen during the financial crisis.