Updates to US market close

By Chibuike Oguh

NEW YORK, May 22 (Reuters) - U.S. stocks finished little changed on Thursday, erasing initial declines, as Treasury yields eased off recent highs after the House of Representatives passed U.S. President Donald Trump's tax and spending bill.

Recent concerns about the U.S. deficit have pushed up Treasury yields and pressured stocks, but longer-dated yields fell on Thursday, allowing stocks to take a breather.

The benchmark U.S. 10-year note yield US10YT=RR fell 5.4 basis points to 4.543% after hitting its highest since February.

The Republican-controlled House voted by a slim margin to pass the bill, which would fulfill many of Trump's campaign pledges to his political base, but will increase the $36.2 trillion U.S. debt pile by $3.8 trillion over the next decade, according to the nonpartisan Congressional Budget Office.

Investors are also weighing the impact of Trump's tariffs on U.S. imports, including on consumer prices.

"The problem today was the tax bill, which appears to have passed," said George Young, partner and portfolio manager at Villere & Co in New Orleans. "But we are thinking about bigger potential problems and the two main things on the table are tariffs and interest rates."

"The market hates uncertainty and we've still got this overhang of the tariffs and the bond market, which is totally apolitical and totally international," Young added.

According to preliminary data, the S&P 500 .SPX lost 4.89 points, or 0.08%, to end at 5,839.72 points, while the Nasdaq Composite .IXIC gained 45.56 points, or 0.27%, to 18,923.23. The Dow Jones Industrial Average .DJI fell 11.37 points, or 0.03%, to 41,849.07.

Megacap growth stocks, including Nvidia NVDA.O, Amazon AMZN.O and Tesla TSLA, rose. Alphabet GOOGL.O was firmer after touching a nearly three-month high.

Snowflake SNOW.N jumped after the cloud computing firm raised its fiscal 2026 product revenue forecast.

Analog Devices ADI.O fell despite the semiconductor manufacturer beating Wall Street estimates for quarterly results.

Shares of solar energy companies including First Solar FSLR.O dropped as Trump's tax bill is expected to end a number of green-energy subsidies.

(Reporting by Chibuike Oguh in New York; additional reporting by Shashwat Chauhan and Kanchana Chakravarty in Bengaluru; Editing by Pooja Desai and Richard Chang)

((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))