✎ Contributed by Ty Griffin
President Donald Trump’s sweeping tax and spending proposal — dubbed the “One Big Beautiful Bill” — is generating both momentum and backlash on Capitol Hill. The plan would make permanent the 2017 tax cuts, eliminate federal taxes on tip and overtime income, and reduce the corporate tax rate for domestic manufacturers. But as internal GOP divisions stall progress, markets are pulling back.
Performance of Major Indices and Megacap Stocks
- S&P 500: Trading at 5,951.57, down 12.03 (0.20%) today.
- Nasdaq Composite: Trading at 19,150.01, down 65.45 (0.34%) today.
- Dow Jones Industrial Average: Trading at 42,747.12, down 44.95 (0.11%) today.
- Apple Inc. (NASDAQ: AAPL): Trading at $207.99, down $0.79 (0.38%) today.
- Microsoft Corp. (NASDAQ: MSFT): Trading at $455.90, down $2.96 (0.65%) today.
- Alphabet Inc. (NASDAQ: GOOGL): Trading at $166.80, up $0.26 (0.16%) today.
- NVIDIA Corp. (NASDAQ: NVDA): Trading at $133.72, down $1.85 (1.36%) today.
- Meta Platforms Inc. (NASDAQ: META): Trading at $638.63, down $1.80 (0.28%) today.
- Amazon.com Inc. (NASDAQ: AMZN): Trading at $204.17, down $1.99 (0.97%) today.
- Tesla Inc. (NASDAQ: TSLA): Trading at $346.74, up $4.65 (1.36%) today.
Industry Impact
Markets are reacting to both the scale and uncertainty of the legislation, which includes over $3 trillion in tax reductions and sweeping changes to income and corporate taxation. While manufacturers and middle-income earners stand to benefit, the bill’s deficit implications and social program cuts have triggered resistance from some Senate Republicans.
Tech megacaps mostly trended lower as investors reassess risk amid political gridlock and policy unknowns. The exception was Tesla, which gained on momentum tied to manufacturing incentives embedded in the proposed corporate tax structure.
Though the bill advanced through the House Budget Committee, floor debate and Senate negotiations are expected to be contentious. Investors remain alert to any shifts that could reshape the economic landscape heading into the second half of the year.
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