US stock futures held steady as President Trump’s sweeping spending bill headed to the House after narrowly passing the Senate.
Futures attached to the Dow Jones Industrial Average (YM=F) flatlined. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%.
On Tuesday, stocks were mixed as Trump’s “One Big Beautiful Bill” cleared the Senate, with Vice President JD Vance casting the tie-breaking vote. The bill now heads to the House, where Speaker Mike Johnson aims to pass the legislation by Thursday, July 4. Economists estimate the bill’s final price tag could top $4 trillion.
Meanwhile, Trump’s pause on his “reciprocal” tariffs is set to expire on July 9, and the president has said he isn’t considering an extension. The administration is now reportedly trying to close smaller trade deals before the deadline, after which the president has said he will send letters to countries assigning tariff rates.
“I’ll be writing letters to a lot of countries,” Trump said on Tuesday.
Read more: The latest on Trump’s tariffs
Finally, Wall Street is looking forward to the release of the June jobs report on Thursday as investors bet a rate cut from the Federal Reserve could land sooner rather than later. Any labor market weakness will be closely watched as it could strengthen the case for a cut.
Coming soon
Stock market coverage for Wednesday, July 2, 2025.