U.S. stock index futures steadied on Thursday after a fall in the previous session, when Treasury yields surged, as investors worried President Donald Trump's tax and spending bill could sharply inflate the country's debt burden. If passed, the legislation that Trump nicknamed "one big beautiful bill" will add $3.8 trillion to the $36.2 trillion U.S. debt pile over the next decade, according to the nonpartisan Congressional Budget Office. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Advertisement · Scroll to continue
Report This Ad The House of Representatives voted roughly along party lines on Thursday during a debate that will lead to a vote on passage later in the morning. "The growing mountain of U.S. debt is causing ripples of worry across financial markets, with signs investors are baulking at financing the Trump administration," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. At 05:13 a.m. ET, Dow E-minis were down 49 points, or 0.12%, S&P 500 E-minis were up 4.5 points, or 0.08%, and Nasdaq 100 E-minis were up 37.5 points, or 0.18%. All three main stock indexes saw their biggest single-day percentage drops in a month on Wednesday, as Treasury yields spiked on worries about mounting U.S. debt. Advertisement · Scroll to continue
Report This Ad Longer-dated Treasury yields eased a touch, coming off their multi-month highs on Thursday. Those on the 10-year benchmark fell 2 basis points to 4.57%. Most megacap and growth stocks inched higher in premarket trading, with Google-parent Alphabet (GOOGL.O), opens new tab leading with a 1.3% rise. Cryptocurrency and blockchain-related stocks jumped as bitcoin , the world's biggest cryptocurrency, climbed to a record high. Exchange operator Coinbase (COIN.O), opens new tab advanced 2.5%, bitcoin stockpiler Strategy (MSTR.O), opens new tab gained 1.4% and crypto miners including MARA Holdings (MARA.O), opens new tab added 4%. Snowflake (SNOW.N), opens new tab jumped 10.2% after the cloud computing firm raised its fiscal 2026 product revenue forecast. U.S. stocks have had a solid month so far, with the S&P 500 climbing more than 15% from its April lows, when Trump's reciprocal tariffs rattled global markets.
