Dow Jones Today: Stock Futures Drop, Bond Yields Continue Rising as House Approves Tax Bill; Bitcoin Hits Record High Near $112,000

Major U.S. indexes moved slightly higher in early trading Thursday after stocks posted steep declines yesterday amid mounting concerns about the federal deficit as a budget bill works its way through Congress.

The S&P 500 and tech-heavy Nasdaq Composite were recently up 0.1% and 0.5%, respectively, while the Dow Jones Industrial Average was flat. Stocks tumbled on Wednesday while bond yields soared as investors monitored developments on a GOP tax and spending proposal that is expected to dramatically increase the deficit and reacted to a weaker-than-expected auction of Treasury bills.

Early this morning, President Donald Trump's "One Big Beautiful Bill" narrowly passed in the House of Representatives, and it will now head to then Senate. Investors are focused on the deliberations in Congress amid worries about how the budget bill will affect an already unsustainable fiscal situation.

The yield on the 10-year Treasury note, which directly affects borrowing costs on all sorts of consumer and business loans, continued rising this morning, hitting its highest level since mid-February. The yield was recently at 4.60%, unchanged from yesterday's close, after moving as high as 4.63% earlier. The 10-year yield stood at 4.44% at the end of last week.

Shares of the world's largest technology companies, which had been at the forefront of the market's recent rally, were mostly higher in early trading Thursday. Alphabet (GOOG), which was the sole mega-cap gainer on Wednesday, was up 4% this morning to pace the S&P 500. Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta Platforms (META), Tesla (TSLA) and Broadcom (AVGO) also advanced, while Apple (AAPL) fell slightly.

Shares of Dow component Nike (NKE) were up nearly 2% following news that the sports apparel giant would resume selling on Amazon, and reports that the company plans to raise prices in response to tariffs.

UnitedHealth (UNH), which has been battered in recent weeks following the departure of its CEO, the suspension of guidance and reports that it's the subject of a DOJ probe, continued its volatile run. Shares of the health insurance giant, also a Dow component, were up slightly recently after falling more than 3% shortly after the opening bell.

Crypto-related stocks gained ground—major bitcoin buyer Strategy (MSTR) and crypto exchange Coinbase Global (COIN) were each up about 3%—as the price of bitcoin continued surging. Bitcoin was recently at $111,100, after hitting a fresh record high of near $112,000 overnight. The digital currency hit an all-time high yesterday for the first time since just before President Trump took office in January.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was recently up 0.3% at 99.87.

Gold futures were down 0.1% at around $3,310 an ounce, after rising for three straight days as some investors turned to the traditional safe haven asset amid the downturn in equities. West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 1.5% to $60.65 per barrel.