Kalkine: Stock Market Reacts Mildly After House Passes Trump Tax Bill | Dow, S&P 500, Nasdaq Updates | indexdjx dji

June 12, 2025 12:13 AM PDT | By Team Kalkine Media

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Kalkine: Stock Market Reacts Mildly After House Passes Trump Tax Bill | Dow, S&P 500, Nasdaq Updates | indexdjx dji — Image source: shutterstock

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Highlights:

US stocks experienced minor fluctuations following the passage of President Trump's tax bill.

Bond yields stabilized after recent volatility tied to credit rating concerns.

Bitcoin achieved a new record high amid increasing institutional interest.

US stocks showed modest movement in trading following the passage of President Trump's tax bill by the House of Representatives. The primary indexes, including the Dow Jones Industrial Average (^DJI), S&P 500 (^GSPC), and Nasdaq Composite (^IXIC), had minimal shifts, reflecting caution as the market assessed the broader implications of the new tax and spending legislation (indexdjx dji).

Bond Yields Find Stability

Recent attention on bond yields, influenced heavily by credit rating revisions, saw a pause after days of notable fluctuations. The yield for the long-term 30-year Treasury bond (^TYX) slightly declined after previously reaching peaks reminiscent of past financial crises. Simultaneously, the benchmark 10-year Treasury yield (^TNX) also experienced minor downward adjustments, reflecting a tempered response to debt-related news.

Economic Activity and Labor Market Indicators

Economic indicators highlighted moderate improvement in US economic output, primarily influenced by recent tariff policy adjustments. The flash composite Purchasing Managers' Index (PMI), which reflects combined manufacturing and service sector activity, indicated a noticeable recovery from prior months. Conversely, labor market reports indicated continued softness, with rising numbers in sustained jobless claims, marking the highest ongoing claims observed since late two years prior.

Cryptocurrency Momentum Continues

The cryptocurrency sector remained buoyant, with Bitcoin (BTC-USD) continuing to reach record highs. Its consistent upward movement was largely attributed to growing institutional engagement. Ethereum (ETH-USD), another significant digital currency, also observed positive movements reflecting heightened attention in digital asset sectors.

Dollar Faces International Pressure

The US dollar experienced intensified pressure amid growing global economic concerns regarding American fiscal policies. Analysts identified a shift of investor interest toward other international currencies, notably from European and Asian markets, influenced by expectations for foreign economic stimulus and comparatively appealing currency valuations. The US Dollar Index, measuring the greenback against major global currencies, faced notable depreciation, highlighting shifting market sentiment.

Short Seller Challenges Amid Market Rally

The recent stock market recovery has posed difficulties for short sellers, especially in prominent technology and automotive sectors. Companies like Nvidia (NVDA) and Tesla (TSLA) particularly contributed to significant losses for those positioned against these stocks. Nvidia's performance benefited from eased trade conditions, particularly relevant to its artificial intelligence components, while Tesla saw revitalized investor confidence influenced by internal leadership refocusing.

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