Dow Jones, S&P 500 trading flat as House passes Trump’s tax bill

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Stocks Stuck in a Dreadful Doldrum: A Taxing Tale of Woe! 💸

Ah, the U.S. stock market, where excitement is as rare as a polite dinner conversation! An hour after the opening bell, the Dow Jones Industrial Average has managed to muster a grand total of 13 points. Bravo! Investors are weighing the latest developments surrounding President Donald Trump’s tax bill, as if it were a fine wine rather than a potential poison. 🍷

While the Dow has heroically reversed its earlier losses, the S&P 500 is merely flirting with a 0.06 percent gain. How thrilling! The Nasdaq Composite, bless its heart, has also joined the party with a modest 0.5 percent uptick. One can only imagine the champagne flowing in the boardrooms! 🥂

But wait! Wall Street’s jitters are threatening to pull these major indices off their recent highs, which were buoyed by the optimism of trade deals—because nothing says stability like a good old-fashioned trade war! 🎭

Fresh concerns about U.S.-China tensions over semiconductor policy and the latest House vote have sent investor sentiment spiraling into the depths of despair. Who knew politics could be so… taxing? 😏

Investors are reacting with all the enthusiasm of a cat at a dog show to the House of Representatives’ passage of a bill aimed at lowering taxes and increasing military spending. What a delightful combination! 🎉

There are whispers that Trump’s tax bill could further accelerate the U.S. deficit, which currently stands at a staggering $36 trillion. Some are even predicting it could balloon by several trillion more. Just days ago, Moody’s decided to downgrade the U.S. credit rating—because why not add a little more drama to the mix? 🎭

This gloomy outlook has pushed the 30-year Treasury yield to a dizzying 5.1 percent, its highest level since October 2023. Meanwhile, the 10-year Treasury note yield is hovering around 4.6 percent, like a wallflower at a dance. 💃

With rising long-term interest rates and broader macroeconomic pressures, stocks may soon find themselves in a downward spiral. But fear not, dear investors! In the midst of this chaos, Bitcoin (BTC) has spiked to a new all-time high above $111k. It seems the digital currency is the only one throwing a proper party! 🎊

And in other news, U.S. jobless claims have dropped slightly in the week ending May 17. Initial filings for unemployment insurance showed a decline of 2,000, coming in at a seasonally adjusted 227,000—just below the 230,000 estimate from Dow Jones. Meanwhile, the four-week moving average for jobless claims has ticked slightly higher to 231,500. Isn’t it just delightful when things go slightly better than expected? 😅

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2025-05-22 17:32