U.S. stocks opened mixed on Thursday after the U.S. House of Representatives passed President Donald Trump's tax bill, which is expected to burden the country with trillions in debt, by a razor-thin margin.
The Dow Jones Industrial Average slipped 92 points, or 0.2%. The S&P 500 fell 0.1%, while the Nasdaq Composite advanced 0.2%.
In a party line vote early Thursday, House members approved the bill that includes lower taxes and additional military spending. The bill — which now goes to the Senate — could increase the U.S. government’s debt by trillions and raise the deficit at a time when fears of a flare-up in inflation due to Trump tariffs are already weighing on bond prices and boosting yields. The Congressional Budget Office puts the price tag for bill at nearly $4 trillion.
Navitas Semiconductor shares surged 156% following the announcement of a collaboration with Nvidia to develop an advanced 800V high-voltage direct current (HVDC) architecture for AI data centers.
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