Markets Steady but Jittery as Trump’s Tax Bill Sparks Debt Fears

​After a sharp sell-off the day before, U.S. stock futures held steady on Thursday—but anxiety lingered. The trigger? President Trump’s tax-and-spending bill, which could add $3.8 trillion to the national debt over the next decade, according to the Congressional Budget Office.

Investors are worried that the bill, dubbed “one big beautiful bill” by Trump, will further inflate the already massive $36.2 trillion U.S. debt pile. The House of Representatives debated the bill early Thursday, with a vote expected later in the day.

That uncertainty sent Treasury yields soaring on Wednesday, triggering the biggest single-day stock sell-off in a month. On Thursday, yields cooled slightly—the 10-year dropped to 4.57%—but the damage was done: the Dow shed 816 points, the S&P 500 fell 1.6%, and the Nasdaq dropped 1.4%.

Futures were mixed: Dow E-minis dipped 49 points, while S&P 500 and Nasdaq 100 futures ticked slightly higher. Meanwhile, Bitcoin provided a bright spot, hitting an all-time high above $111,000, lifting related stocks like Coinbase (+2.5%) and MARA Holdings (+4%).

Snowflake jumped 10.2% after raising its fiscal 2026 product revenue forecast, while green energy names like First Solar slid, reflecting concerns that the tax bill would eliminate renewable energy subsidies.

​Bottom line: Wall Street is bracing for what the Trump tax plan might do—not just for corporate earnings, but for America’s credit profile. The market isn't crashing—but it’s definitely on edge.