US stock futures were at a standstill as Wall Street looked forward to wrapping up a week marked by growing doubts about the economy's health under President Trump's trade and tax agendas.
Futures attached to the Dow Jones Industrial Average
(YM=F)
, the benchmark S&P 500
(ES=F)
, and the tech-heavy Nasdaq 100
(NQ=F)
traded flat.
The week opened with
Moody's downgrade of the US credit score
front and center for investors. While Wall Street
initially shrugged off
the news, by Tuesday markets
pulled back
from their recent rally amid
warnings
that investor relief over
easing trade tensions
looked overblown with tariff rates still high and economic growth projections muted.
Read more: The latest on Trump's tariffs
Stocks continued to stumble on
Wednesday
and
Thursday
as Trump's
"big, beautiful" tax bill
made its way to a House vote and triggered fears about the ballooning US deficit.
While Trump and his allies maintain the legislation will boost spending and investment, it stands to add trillions to US debt, an issue that Moody's
mentioned
in its downgrade. Now, the bill heads to the Senate, where Republican lawmakers
have already flagged
major changes that need to take shape.
The bond market, in particular,
had a strong reaction to the bill's advancement
, with the yield on 30-year Treasury bonds exceeding 5% on Wednesday. The action suggested that even if Trump is able to pass the legislation, he may face a dizzying array of consequences afterward that could threaten economic growth.
Next week, Wall Street will be counting down to Nvidia (
NVDA
) earnings, which are set for Wednesday after the bell.
This year, the chip giant has found itself in the crosshairs of Trump's fast-moving
trade
policy
as well as
debates
in Big Tech over costly AI investments. Nevertheless, options traders
expect
a lower level of volatility from Nvidia shares after this earnings report compared to recent quarters.
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Stock market coverage for Friday, May 23, 2025.