FX.co ★ US Stocks Swing

On Thursday, the three major U.S. stock indices fluctuated slightly between gains and losses, as investors assessed rising concerns over the country's fiscal outlook. A narrow passage in the House saw President Trump's latest tax bill approved, a move projected to swell the budget deficit by nearly $3 trillion over the coming decade and raise the U.S. debt ceiling by $4 trillion. The bill now moves to the Senate for consideration, with a vote expected by August. Market observers are also closely monitoring trade developments and are poised for the release of preliminary S&P Global PMI figures, which are anticipated to provide an early insight into U.S. business activity for May. The energy and utilities sectors lagged behind, particularly solar companies like Sunrun, which plummeted 42% following news that the new legislation would hasten the decline of clean energy production incentives. Conversely, communication services stocks showed resilience, posting strong performance. Within the tech giants, Apple experienced a slight decline of approximately 0.7%, while Alphabet saw an increase of over 2%.