07:18 AM EDT, 07/02/2025 (MT Newswires) -- The main US stock measures were trending upwards in Wednesday's premarket activity after the Senate narrowly approved President Donald Trump's key tax bill, while investors continue to monitor developments in the global trade landscape and wait for key labor data.

The S&P 500 and the Nasdaq inclined 0.1% each before the opening bell, while the Dow Jones Industrial Average added 0.2%. The S&P and the Nasdaq finished the previous trading session lower, with the latter snapping a six-day winning streak, while the Dow advanced for the fourth consecutive day.

US markets will be closed on Friday for the Independence Day holiday.

The Senate on Tuesday cleared Trump's so-called "big, beautiful bill" on tax cuts and spending by a narrow margin, following days of negotiations. The bill, which could add more than $3.9 trillion to the national debt, will now go to the House of Representatives for approval.

US Treasury yields were moving higher in premarket action, with the two-year rate up by 1 basis point to 3.79% and the 10-year rate advancing 3 basis points to 4.28%.

Trump said he isn't considering an extension of the July 9 deadline for his reciprocal tariffs and threatened to cut off talks with several nations, including Japan, which he described as "very tough" to deal with, Bloomberg reported Wednesday. After announcing sweeping new tariffs in early April, Trump put a 90-day pause on certain levies for non-retaliating countries.

"No, I'm not thinking about the pause," Trump told reporters when asked about extending the negotiation period with other countries. "I'll be writing letters to a lot of countries."

Federal Reserve Chair Jerome Powell indicated Tuesday that the Federal Open Market Committee would have lowered its benchmark lending rate by now had Trump not announced the tariffs. "In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the (US) went up materially as a consequence of the tariffs," Powell reportedly said at a conference in Portugal.

Last month, the Fed kept interest rates unchanged for a fourth consecutive meeting. Trump has repeatedly called on the central bank to reduce rates.

Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Challenger Job Cut report and the ADP Employment report, both for June. The weekly EIA domestic petroleum inventories report is out at 10:30 am.

Shares of Centene ( CNC ) tanked 27% pre-bell after the health insurer withdrew its full-year 2025 earnings outlook due to lower-than-expected revenue from most states where it provides health insurance marketplace plans.

Constellation Brands ( STZ ) nudged 0.7% lower as the beer and wine company reported fiscal first-quarter results below Wall Street's estimates. Tesla (TSLA) was up 1.3% after dropping 5.3% at the close of Tuesday's session, with the electric vehicle maker expected to report its second-quarter deliveries on Wednesday, according to media reports.

Unifirst (UNF) is scheduled to report its latest financial results before the open.

West Texas Intermediate crude oil rose 1.3% to $66.28 a barrel in premarket activity. Gold inched up 0.1% to $3,354 per troy ounce, while bitcoin climbed 2.1% to $107,798.