07:44 AM EDT, 05/22/2025 (MT Newswires) -- US equity benchmarks were mostly pointing higher before the opening bell Thursday as the House of Representatives cleared President Donald Trump's key tax bill.

The S&P 500 edged up 0.1% and the Nasdaq added 0.2% in premarket activity, while the Dow Jones Industrial Average declined 0.1%. The indexes finished the previous trading session lower.

The House voted early Thursday to pass Trump's tax and spending cuts package, which was reportedly revised late Wednesday to include a higher limit on the deduction for state and local taxes, among other changes.

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 Wednesday. The bill's passage follows Moody's recent downgrade of the US credit ratings amid rising debt.

US Treasury yields moved down in premarket action, with the two-year rate retreating 1.2 basis points to 4.01% and the 10-year rate decreasing 1.4 basis points to 4.58%. The 30-year rate slipped 0.2 basis points to 5.09%.

Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, followed by the purchasing managers' index report from S&P Global ( SPGI ) for May and the existing home sales report for April. Federal Reserve Bank of New York President John Williams is scheduled to speak at 2 pm.

Shares of Snowflake (SNOW) climbed 11% pre-bell as the cloud-based data platform company lifted its full-year product revenue outlook and reported better-than-expected fiscal first-quarter results. Zoom Communications ( ZM ) inclined 1% as the video communication platform recorded a surprise increase in fiscal first-quarter earnings.

Analog Devices ( ADI ) , Williams-Sonoma ( WSM ) , Ralph Lauren ( RL ) , BJ's Wholesale Club (BJ) and Advance Auto Parts ( AAP ) report their latest financial results before the bell, among others. Intuit (INTU), Workday (WDAY) and Ross Stores ( ROST ) post earnings after the markets close.

West Texas Intermediate crude oil dropped nearly 2% to $60.37 a barrel before the open. Government data on Wednesday showed that commercial crude stockpiles unexpectedly increased last week amid gains in propane and motor gasoline inventories.

Gold nudged down 0.4% to $3,300 per troy ounce, while bitcoin rose 2.6% to $110,833.