US Stock Futures Steady as Debt Worries Linger After House Passes Tax Bill

U.S. stock index futures held steady on Thursday evening, as Treasury yields pulled back from recent highs, offering brief relief to investors rattled by mounting debt concerns and the passage of a major tax cut bill. The market remains cautious after the House of Representatives narrowly approved President Donald Trump’s tax and spending package, which includes eliminating income tax on tips and boosting funding for immigration policies.

S&P 500 Futures hovered at 5,859.25 points, while Nasdaq 100 Futures stayed flat at 21,177.50 and Dow Jones Futures stabilized at 41,947.0. Earlier, Wall Street ended a volatile session mixed, with gains in tech stocks offset by broader losses. A dip in Treasury yields followed the House vote, helping indexes recover from intraday lows.

Investor anxiety persists despite a Supreme Court decision affirming the Federal Reserve’s independence, easing fears that Trump could dismiss Fed Chair Jerome Powell. The Congressional Budget Office estimates that the new tax legislation would add $3.8 trillion to the national debt, already at $36.2 trillion, over the next decade.

Meanwhile, a weak 20-year bond auction and a recent downgrade by Moody’s on U.S. sovereign credit rating underscore the market's unease. Trade tensions also resurfaced as China criticized new U.S. chip restrictions, threatening progress in bilateral relations.

On Thursday, the S&P 500 dipped to 5,842.0, the Nasdaq rose 0.3% to 18,925.74, and the Dow Jones finished flat at 41,859.09. Despite stronger-than-expected May PMI data, all three indexes are on track for weekly losses between 1.5% and 2%, reflecting continued investor caution amid fiscal and geopolitical headwinds.