07:48 AM EDT, 05/23/2025 (MT Newswires) -- The benchmark US stock measures were pointing lower before the open on Friday as traders assess the impact of President Donald Trump's key tax bill on the world's largest economy.

The S&P 500, the Nasdaq and the Dow Jones Industrial Average slipped 0.1% each in premarket activity. The indexes closed the previous trading session mixed.

The Republican-led House passed Trump's tax bill in a 215-214 vote early Thursday, sending it to the Senate. 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 Thursday. "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 reported earlier in the week.

"The House reconciliation bill included more tax cuts and cost savings than the baseline forecast anticipated," Oxford Economics said in a note. "Yet, the fiscal impulse during the remainder of President Donald Trump's second term doesn't differ much from our baseline assumptions, on net."

US Treasury yields were down in premarket action, with the two-year rate slipping 1 basis point to 3.99% and the 10-year rate falling 2.4 basis points to 4.53%.

Trump's trade negotiators are urging the European Union to reduce tariffs on US goods unilaterally, warning that without such concessions, the bloc will not see progress in talks to avoid Washington's additional 20% reciprocal duties, the Financial Times reported Friday.

The US and China recently agreed to suspend most duties on each other's goods for a period of 90 days, while the Trump administration reached a trade deal with the UK.

Friday's economic calendar has the new home sales report for April at 10 am ET. On Thursday, data released by the National Association of Realtors showed that existing home sales unexpectedly fell in April as prices reached a record high for the month.

Federal Reserve Governor Lisa Cook is slated to speak at 12 pm. Fed Chair Jerome Powell is scheduled to speak on Sunday.

Markets will be closed on Monday for the Memorial Day holiday.

Shares of Intuit (INTU) climbed 8.2% pre-bell as the financial technology company reported fiscal third-quarter results that exceeded Wall Street's estimates. Workday (WDAY) dropped 6.5% following its quarterly results.

Booz Allen Hamilton ( BAH ) , Miniso ( MNSO ) , Frontline ( FRO ) and Buckle (BKE) report their latest financial results before the bell.

West Texas Intermediate crude oil decreased 0.1% to $61.13 a barrel before the opening bell. The weekly Baker Hughes domestic oil-and-gas rig count is due at 1 pm.

Gold gained nearly 1% to $3,326 per troy ounce, while bitcoin retreated 0.4% to $110,960.