Wall Street remained jittery on Thursday after President Donald Trump’s newly-passed “big, beautiful bill” shook the U.S. bonds market.
The S&P 500 fell 0.1% early Thursday, following two consecutive days of losses, while the Dow Jones index saw a 0.2% drop. Both have seen choppy recovery but have not recovered from Wednesday’s heavy losses. Meanwhile, the tech-heavy Nasdaq managed to post a 0.4% gain.
The U.S. bond market remained jumpy as the 30-year Treasury, which move inversely to prices, hit its highest since October. The increase in long-term rates, which are used as the benchmark for consumer loans, could put further pressure on the economy.
The uncertainty in the markets comes after House members Trump’s “big, beautiful” spending bill, that would cut taxes and increase military spending sparking fears it could increase the U.S. debt by trillions and raise the deficit.
