This is a representative image (Pic credit: Lexica)
US stocks ended little changed on Thursday after a volatile session, as easing Treasury yields helped offset early losses triggered by growing concerns over the federal deficit.
The market stabilised following the House of Representatives' approval of US President Donald Trump's sweeping tax and spending bill.The Dow Jones Industrial Average dipped slightly by 1.35 points to 41,859.09, while the S&P 500 edged down 2.60 points, or 0.04 per cent, to 5,842.01. The tech-heavy Nasdaq outperformed, rising 53.09 points, or 0.28 per cent, to close at 18,925.74.Markets had tumbled sharply a day earlier, posting their biggest one-day declines in a month, as worries about the growing US debt pushed Treasury yields higher.
On Thursday, the 10-year US Treasury yield fell 5.4 basis points to 4.543 per cent, easing some pressure on equities.The newly passed tax and spending legislation fulfils many of Trump's campaign promises but is projected to add $3.8 trillion to the national debt over the next decade, according to the Congressional Budget Office.Sector performance was mixed. Utilities, healthcare, energy, and consumer staples stocks declined, while gains were seen in consumer discretionary, communication services, and technology.
Among individual stocks, cloud firm Snowflake surged over 13% after raising its revenue forecast. Alphabet gained 1.3%, while Apple slipped 0.36%. Shares of First Solar dropped 4.3% amid concerns that the tax bill could end green energy subsidies.Trading volume was slightly below average, with 16.09 billion shares changing hands on US exchanges, compared to the 20-day average of 17.56 billion. On the NYSE, declining stocks outpaced advancers by a 1.17-to-1 ratio.
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