U.S. stock index futures were subdued in volatile trading 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.

Market Snapshot

At 7:50 a.m. ET, Dow E-minis were down 111 points, or 0.26%, S&P 500 E-minis were down 7.75 points, or 0.13%, and Nasdaq 100 E-minis were down 13.5 points, or 0.06%.

Pre-Market Movers

Navitas Semiconductor - Navitas Semiconductor shares surged 165% in premarket trading following the announcement of a collaboration with Nvidia to develop an advanced 800V high-voltage direct current (HVDC) architecture for AI data centers.

Snowflake - Snowflake rose 10% after it reported fiscal first-quarter adjusted earnings that were better than expected and revenue rose 26% from a year earlier to $1.04 billion. It was the cloud-based data storage company’s first-ever $1 billion revenue quarter. Product revenue—derived from Snowflake customers’ consumption of compute, storage, and data transfer—also increased 26% from the previous year to $996.8 million and beat Wall Street estimates. The company said it expects second-quarter product revenue of between $1.035 billion and $1.04 billion, higher than consensus of $1.02 billion.

Lumen Technologies, AT&T - AT&T slipped in premarket trading after the telecommunications giantagreed to acquire substantially all of Lumen Technologies’ residential fiber broadband networkfor about $5.75 billion in cash. Lumen’s Mass Markets fiber business includes about 1 million fiber customers, including residential and business customers, and reaches more than 4 million fiber locations across 11 states. Lumen shares jumped 10%.

UnitedHealth, Humana, CVS Health - UnitedHealth declined 3.6%, Humana was falling 5%, and CVS Health fell 2.7% after the Centers for Medicare & Medicaid Services announced it was expanding its auditing efforts for Medicare Advantage plans to crack down on overpayments. “Beginning immediately, CMS will audit all eligible MA contracts for each payment year in all newly initiated audits and invest additional resources to expedite the completion of audits for payment years 2018 through 2024,” the agency said in a statement.

Hims & Hers Health - Hims & Hers Health shares sank 8.6% in premarket trading. The sharp decline comes as investors react to regulatory changes and market developments that could substantially impact the company's weight-loss drug business.

The FDA is set to end its policy allowing compounded copies of popular weight-loss drugs like Wegovy and Zepbound on May 22. This policy had previously benefited companies like Hims & Hers, which saw soaring sales of these compounded versions while the brand-name drugs were in shortage. The imminent policy change threatens to cut off a significant revenue stream for the company.

Solar Stocks - Sunrun plunged 44%, Maxeon Solar tumbled 18%, Array Technologies and SolarEdge tanked 17%, Enphase Energy sank 16%, and Canadian Solar dropped 10% after US House passed Trump's sweeping tax-cut bill that that eliminates Biden-era clean energy tax broke.

Crypto Stocks - Crypto stocks jumped as Bitcoin surpassed $111,000 for the first time. Cantor Equity Partners rose 7%, Canaan rose 6%, CleanSpark rose 5%, MARA Holdings rose 4%, Riot Platforms rose 3%, Coinbase rose 2%, Strategy rose 1%.

Nike - Nike was up 1% after the sportswear company said it plans to sell products on Amazon.com’s U.S. sitefor the first time in more than five years. Nike stopped selling to Amazon directly in November 2019 to focus on its direct business, according to The Wall Street Journal.

Urban Outfitters - Shares of Urban Outfitters soared 18% after the conglomerate of apparel brands reported an increase in first-quarter earnings and sales. The company’s three main brands—Anthropologie, Free People, and its namesake brand Urban Outfitters—each posted sales increases in the period.

Alphabet - Alphabet was up 0.8% in premarket trading. The stock rose 2.8% on Wednesday, bucking the stock market’s slide, as investors—initially cool to the company’s newartificial-intelligence offerings—warmed to its AI developments.

CoreWeave - CoreWeave rose 0.9% after ending Wednesday’s session with a gain of 19%. The stock rose sharply as the AI cloud company announced it had priced$2 billion of senior noteswith a 9.25% interest rate due in 2030. CoreWeave told Barron’s the deal size was upsized by $500 million and was five times oversubscribed.

Manchester United - Manchester United shares fell 5.4% in premarket trading on Thursday after the club's final chance at silverware this season vanished with a 1-0 defeat to Tottenham Hotspur.

Market News

US House Passes Trump's Sweeping Tax-Cut Bill, Sends on to Senate

The Republican-controlled U.S. House of Representatives narrowly passed a sweeping tax and spending bill that would enact much of President Donald Trump's policy agenda on Thursday and saddle the country with trillions of dollars in debt.

The bill would fulfill many of Trump's populist campaign pledges, delivering new tax breaks on tips and car loans and boosting spending on the military and border enforcement. It will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office.

What Trump called the "one, big, beautiful bill" passed in a 215-214 vote, with all of the chamber's Democrats and two Republicans voting against it. A third Republican voted "present."

The package must also win approval in the Republican-controlled Senate before Trump can sign it into law. The vote came after a marathon push that kept lawmakers debating the bill through two successive nights.

Bitcoin Rally Takes Largest Token Past $111,000 for First Time

Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand.

Bitcoin climbed as much as 3.3% on Thursday to hit a record of $111,878, according to data compiled by Bloomberg. Smaller tokens also rose, with second-ranked Ether at one point up about 5.5%.

A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for digital-asset firms under President Donald Trump, who is avowedly pro-crypto. Surging demand from Michael Saylor’s Strategy — which has stockpiled over $50 billion worth of Bitcoin — and a growing list of token hoarders is another driving force behind the rally.