Stock futures point to a lower open as investors kept an eye on Treasury yields as President Donald Trump’s tax bill continues to travel through Congress.
After the House narrowly passed by one vote its version of the One, Big Beautiful Bill, it’s now the Senate’s turn to examine the proposed legislation.
Investors worry that the more than 1,000-page bill will lead to a sharply wider deficit. To pay for the spending, the government would have to issue more debt, which will dampen Treasury prices and push up rates. Debt prices move in the opposite direction of yields.
The 30-year Treasury bond yield touched a high of 5.161%, its highest level since October 2023. The rate on the 10-year Treasury note at one point breached 4.6%. Both yields came off their highs but remain elevated, keeping pressure on stocks.
At 5:50 a.m. ET, futures tied to the blue-chip Dow slipped -0.13%, while broad S&P 500 futures fell-0.07% and tech-laden Nasdaq futures dropped -0.10%.
Corporate news
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Deckers Outdoor issued a lower-than-expected outlook for the current quarter.
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Ross Stores withdrew its full-year outlook, saying it expects pressure on its profitability if tariffs remain at elevated levels.
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Intuit cited a more stable outlook and raised its full-year earnings forecast above Street estimates.
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Autodesk issued a higher-than-expected second-quarter outlook.
Cryptocurrency
Major U.S. banks including companies co-owned by JPMorgan Chase,Bank of America, Citigroup, Wells Fargo, and other large commercial banks, are exploring a joint stablecoin to compete with the crypto industry, according to the Wall Street Journal, citing sources.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures lower amid Treasury yields, Trump tax bill
