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23.05.2025 11:09 AM
U.S. stock markets closed Thursday with little movement, recovering from earlier declines as bond yields dipped from recent highs. This shift came in the wake of the House of Representatives' approval of President Donald Trump's tax and spending legislation.
The passage of the fiscal package provided temporary relief for equities, which had come under pressure due to concerns over rising government debt. The yield on 10-year U.S. Treasuries dropped 5.4 basis points to 4.543%, retreating from its highest level since February.
While the S&P 500 and Dow Jones Industrial Average ended the session flat, the Nasdaq posted a slight gain. On Wednesday, all three major indexes had logged the sharpest drop in yields in a month, driven by anxiety over America's growing debt burden.
Backed narrowly by a Republican majority, the House approved a bill designed to fulfill several of Trump's key campaign promises. However, according to the nonpartisan Congressional Budget Office, the legislation is expected to swell the national debt by $3.8 trillion over the next decade, pushing the total to a staggering $36.2 trillion.
Markets are also weighing the potential impact of Trump's proposed import tariffs, particularly on consumer prices. Any resulting inflationary pressures are being closely monitored by both analysts and policymakers.
U.S. stock indexes posted minimal changes by Thursday's close, with mixed investor sentiment across the board:
Out of the S&P 500's 11 subsectors, eight closed in the red. Utilities, healthcare, energy, and consumer staples were among the weakest performers. Meanwhile, consumer discretionary, communication services, and tech stocks saw modest gains.
Major growth stocks led the upside, with Nvidia, Amazon, and Tesla gaining ground. Alphabet advanced 1.3%, reaching a nearly three-month high, while Apple slipped 0.36%.
Snowflake shares surged more than 13% after the cloud computing firm raised its product revenue outlook for fiscal year 2026.
Conversely, Analog Devices fell 4.6%, despite surpassing Wall Street's quarterly earnings estimates.
Solar energy companies took a hit amid concerns that Trump's proposed tax plan could eliminate various clean energy subsidies. First Solar dropped 4.3% on the news.
European equities edged higher on Friday as falling bond yields offered a breather for investors. Adding to the upbeat sentiment were economic data releases that came in stronger than anticipated.
The pan-European STOXX 600 index climbed 0.3% as of 07:21 GMT, continuing its momentum and positioning for a sixth consecutive week of gains.
London's FTSE 100 rose 0.4%, buoyed by data showing UK retail sales surged in April, outperforming forecasts. The positive surprise offered reassurance amid ongoing economic uncertainty.
In Germany, recent revisions revealed that Q1 economic growth was significantly stronger than previously estimated, thanks to robust performance in March. The DAX index responded positively, gaining 0.4% and trading just shy of its all-time high.
Earlier in the week, markets came under pressure due to soaring bond yields amid rising fears over U.S. debt levels and pessimistic eurozone business activity reports. But by Friday, 10-year government bond yields in both the U.S. and Europe had retreated, easing those concerns.
One of the day's standout performers was UK-based AJ Bell, whose stock surged 9.8% after the investment platform reported a 12% year-over-year increase in pre-tax profits for the half-year. The jump was attributed to a surge in client activity driven by market volatility.
Shares of Michelin climbed 0.9% after Jefferies upgraded the French tire manufacturer's rating to "Buy", citing promising profit growth prospects and a favorable industry outlook.
According to Jefferies, Michelin is well-positioned to benefit from earnings expansion, especially as global automotive production stabilizes and the company continues to broaden its offerings. The upgrade sparked fresh investor interest, sending the stock modestly higher.
