01:50 PM EDT, 05/22/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday, while Treasury yields retreated after the House of Representatives cleared President Donald Trump's key tax bill, sending it to the Senate.

The Dow Jones Industrial Average and the S&P 500 were down 0.1% each at 41,832.5 and 5,839.6, respectively after midday Thursday, while the Nasdaq Composite rose 0.3% to 18,936.5. Among sectors, utilities saw the biggest drop, while communication services paced the gainers.

The Republican-led House of Representatives 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 were lower intraday Thursday, with the 10-year rate decreasing five basis points to 4.55% and the two-year rate falling 2.1 basis point to 4%.

The tax bill eliminates important clean energy credits, media outlets reported. Enphase Energy ( ENPH ) shares slumped 19%, 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 2.8% at $111,538.08.

Crypto exchange Coinbase Global's ( COIN ) shares rose 3.5%, the second-best performer on the S&P 500.

In other company news, Advance Auto Parts ( AAP ) shares surged 52% after the auto parts retailer affirmed its full-year outlook as fiscal first-quarter results came in better than expected.

Intuit (INTU), Workday (WDAY) and Ross Stores ( ROST ) are among the companies scheduled to report results after the closing bell Thursday.

West Texas Intermediate crude oil was down 0.6% at $61.21 a barrel intraday. 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."

Gold was down 0.4% at $3,299.50 per troy ounce, while silver fell 1.3% to $33.21 per ounce.