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Dow Jones, Nasdaq, S&P 500 down, retailers are split on tariff impact
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Dow Jones seesaws, ends flat as Bitcoin hits new all-time high

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U.S. stocks ended mixed Thursday as markets digested the House’s narrow approval of President Trump’s massive tax-and-spending package.

The S&P 500 dipped 0.04%, the Dow Jones Industrial Average was flat, and the Nasdaq Composite rose 0.28%.

The legislation—projected by the Congressional Budget Office to add nearly $4 trillion to the federal deficit—includes sweeping tax cuts and increased military spending.

It passed the House by a single vote after last-minute revisions, including expanded deductions for state and local taxes, aimed at swaying conservative lawmakers. The bill now heads to the Senate.

Another spike in Treasury yields tempered investor sentiment. The 30-year bond briefly rose above 5.16%—its highest level since 2023—before easing.

The benchmark 10-year yield also pulled back slightly to 4.55%. 

Analysts said weak demand at Wednesday’s 20-year bond auction fueled the earlier sell-off in Treasurys, while concerns about debt sustainability persist.

“Short term, the tax bill is good for the economy,” said Argent Capital’s Jed Ellerbroek. “But in the longer term, it adds to the deficit, and that’s bad for markets.”

Bitcoin keeps hitting all-time highs

Bitcoin (BTC) extended its massive rally, trading above $111,000, amid optimism over Senate progress on stablecoin regulation and anticipation surrounding a Trump donor event attended by major crypto holders.

Bitcoin’s rally sparked limited excitement among derivatives traders compared to past bull runs. Analysts noted that spot market demand, not speculation, drove the gains, with long/short ratios and liquidations indicating moderate bullish sentiment.



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Dow drops 115 points as S&P 500’s six-day rally ends
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Dow drops 115 points as S&P 500’s six-day rally ends

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Wall Street’s momentum stalled Tuesday as investors pulled back from tech stocks and rising bond yields renewed pressure on equities.

The Dow Jones Industrial Average fell 114.83 points, or 0.27%, while the S&P 500 dipped 0.39%, ending a six-day winning streak. 

The Nasdaq Composite slid 0.38% as chipmakers and megacaps retreated, led by losses in Nvidia, AMD, Meta, Apple, and Microsoft. The tech sector was the S&P 500’s worst performer, falling roughly 0.9%.

The pullback follows a five-week rebound that lifted the S&P 500 more than 20% off its April low, driven by optimism around tariff de-escalation following President Trump’s earlier tariff announcement. The index is now about 3% below its all-time high.

“We’ve had the swoon related to tariffs, the furious rally, and now we’re awaiting clarification,” said Bill Northey of U.S. Bank Wealth Management. “It’s optimism without clarity.”

Meanwhile, bond markets added to the unease. The 10-year Treasury yield climbed to 4.48%, while the 30-year briefly topped 5% for the second straight day—its highest since November 2023. 

The rise follows Moody’s decision to downgrade U.S. debt, citing ballooning deficits and rising interest expenses.

Equity valuation challenges

Analysts say yields at or above 4.5% tend to challenge equity valuations. “If the 30-year is breaking out, does that mean the rest of the curve is next?” said Manulife’s Matthew Miskin. 

Morgan Stanley’s Michael Wilson noted that equities have consistently faced valuation pressure when the 10-year yield breaches 4.5%.

Elsewhere, Tesla shares rose 2% after Elon Musk reaffirmed his commitment to remain CEO for at least five more years. On the political front, President Trump failed to win over GOP holdouts on a key tax bill, jeopardizing its passage before Memorial Day.



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Dow Jones, Nasdaq, S&P 500 down, retailers are split on tariff impact
GameFi Guides

Dow Jones, Nasdaq, S&P 500 down, retailers are split on tariff impact

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Tariffs continue to be in focus during today’s trading session, as Walmart and Home Depot shared differing views on their impact.

U.S. markets are still assessing the effect of tariffs on consumers. On Tuesday, May 20, the Dow Jones was trading at 42,679.23, down 112.84 points or 0.26%. The S&P 500 was at 5,942.07, down 0.36%, while the Nasdaq stood at 21,353, down 0.44%.

Just days after Walmart announced potential price hikes due to U.S. tariffs, Home Depot offered a different perspective. In its first-quarter 2025 earnings report, the home improvement giant stated that it plans to keep prices steady. Rather than raising prices, the company has opted to shift production away from China, which currently faces an effective tariff rate of 30%.

Still, Home Depot’s announcement may not be enough to lift sentiment. Wall Street analysts continue to warn about the broader economic impact of the recently resumed collection of student loans.

Student debt, consumer sentiment rattles Wall Street

The Department of Education under Donald Trump has resumed collections on student loans that had been paused for five years. This applies to borrowers in default, who may now face wage garnishment.

Notably, JPMorgan estimated that renewed collections could reduce disposable personal income somewhere between $3.1 billion and $8.5 billion. Bank of America’s analyst Mihir Bhatia noted that low-end consumers will particularly feel the weight of this new policy.

Against this backdrop, May’s preliminary consumer sentiment index has dropped to the second-lowest level on record. The index, which measures consumers’ willingness to spend, fell to 50.8 — the lowest reading aside from June 2022.

Still, despite bad news for Wall Street and Main Street, Bitcoin (BTC) is resilient, trading at $106,323 and up 0.98% in the last 24 hours. Gold showed even stronger performance, up 1.78% to $3,287 per ounce.



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