U.S. stock index futures edged higher early Wednesday after the Senate passed President Donald Trump’s sweeping tax and spending bill, while investors turned their focus to upcoming labor market data.
As of 5:35 a.m. ET, Dow futures rose 0.2%, S&P 500 futures gained 0.2%, and Nasdaq futures edged up 0.1%.
Dubbed by Trump as “a beautiful big bill,” the legislation includes extended tax cuts and boosted defense spending. However, critics warn it could add more than $3 trillion to the federal debt. The bill now moves to the House of Representatives, with a deadline set for July 4.
Attention is now turning to the June ADP employment report, which is expected to show the addition of 120,000 private-sector jobs. The report is widely viewed as a precursor to Friday’s nonfarm payrolls and could influence near-term monetary policy expectations.
Tesla shares bounced back amid renewed public sparring between Trump and CEO Elon Musk. Meanwhile, crude oil prices held steady, with traders awaiting U.S. inventory data and progress on a possible Israel-Hamas ceasefire agreement.