04:51 PM EDT, 05/22/2025 (MT Newswires) -- US benchmark equity indexes closed mixed Thursday, while Treasury yields dropped as President Donald Trump's tax bill headed to the Senate following approval by the House of Representatives.

The Nasdaq Composite rose 0.3% to 18,925.7, while the S&P 500 and the Dow Jones Industrial Average were flat at 5,842 and 41,859.1, respectively. Most sectors were in the red, led by utilities, while consumer discretionary saw the biggest gain.

The Republican-led House passed the tax bill in a 215-214 vote early Thursday, sending it to the Senate where it's likely to face "a complicated path," Stifel said in a note.

The bill includes "massive tax cuts, no tax on tips, no tax on overtime, (and) tax deductions when you purchase an American-made vehicle," Trump said in a social media post. "Now, it's time for our friends in the (US) Senate to get to work, and send this bill to my desk as soon as possible!"

The Congressional Budget Office has projected that the tax and immigration bill could add $2.3 trillion to the country's deficit over 10 years, The Washington Post previously reported.

US Treasury yields fell, with the 10-year rate decreasing 6.1 points to 4.54% and the two-year rate falling 3.1 basis point to 4%.

The tax bill eliminates important clean energy credits, media outlets reported. Solar inverter maker Enphase Energy ( ENPH ) shares slumped nearly 20%, the worst performer on the S&P 500.

Bitcoin hit a new record high of $111,886.41 earlier in the session, CNBC reported, citing Coin Metrics. The cryptocurrency's price was most recently up 2.5% at $111,050. Crypto exchange Coinbase Global's ( COIN ) shares jumped 5%, the best performer on the S&P 500.

In other company news, Advance Auto Parts ( AAP ) shares surged 57% after the auto parts retailer affirmed its full-year outlook as fiscal first-quarter results came in better than expected.

West Texas Intermediate crude oil was down 1.3% at $60.78 a barrel. Oil prices dropped following a report that the Organization of the Petroleum Exporting Countries and its allies were discussing a production hike for July, "stoking concerns about a demand-supply mismatch," D.A. Davidson said in a note.

In economic news, US existing home sales unexpectedly fell in April as prices reached a record high for the month, according to data released by the National Association of Realtors.

In the coming months, sales are expected to drop further amid "softening economic activity and affordability constraints" worsened by increasing mortgage rates, Oxford Economics said. "Softening demand and the increase in supply may put some downward pressure on home price growth, but we aren't seeing much evidence of that yet, at least at the national level."

US private-sector output growth unexpectedly accelerated in May as the suspension of reciprocal tariffs lifted sentiment, according to S&P Global's ( SPGI ) flash purchasing managers' index.

"Business confidence has improved in May from the worrying slump seen in April, with gloom about prospects for the year ahead lifting somewhat thanks largely to the pause on higher rate tariffs," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "Current output growth has also picked up from April's recent low, which had seen the weakest rise for over one-and-a-half years, in response to an upturn in demand."

Weekly applications for unemployment insurance in the US unexpectedly fell, while continuing claims increased, government data showed.

Gold was down 0.7% at $3,291.60 per troy ounce, while silver fell 1.4% to $33.17 per ounce.