Editor’s Note: This article has been updated to reflect the accurate yields for the 2-year and 10-year Treasury bonds.
U.S. stock futures dipped on Wednesday after ending lower on Tuesday. Futures of major benchmark indices were trading lower in premarket.
The S&P 500 index snapped its six-day winning streak on Tuesday, which was followed by the U.S.-China 90-day tariff truce.
Donald Trump‘s ‘One Big, Beautiful Bill‘ was the center of discussion among experts as the Congressional Budget Office released its estimates for the distributional effects of the Act.
It estimated a 4% drop in the household incomes of the lower decile of Americans by 2033 and a 2% rise in the income of the highest decile.
Meanwhile, the 10-year Treasury bond yielded 4.53% and the two-year bond was at 3.9%. The CME Group’s FedWatch tool‘s projections show markets pricing a 94.6% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.65% |
| S&P 500 | -0.60% |
| Nasdaq 100 | -0.61% |
| Russell 2000 | -0.86% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Wednesday. The SPY was down 0.58% to $589.40, while the QQQ declined 0.65% to $516.91, according to Benzinga Pro data.
Cues From Last Session:
On Tuesday, most S&P 500 sectors closed lower, with energy, consumer discretionary, and communication services stocks seeing the steepest declines.
In contrast, utilities and healthcare stocks moved higher, defying the broader market trend.
Meanwhile, Tesla Inc. (NASDAQ:TSLA) stock edged up after CEO Elon Musk reaffirmed his five-year commitment to the company. Home Depot Inc. (NYSE:HD) reported better-than-expected first-quarter sales but missed EPS estimates. Amer Sports Inc. (NYSE:AS) also posted strong first-quarter results.
Economically, the U.S. Redbook Index increased 5.4% year-over-year for the week ending May 17.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | -0.38% | 19,142.72 |
| S&P … |