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markets, click or type LIVE/ in a news window.)

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Indexes up: Dow 0.12%, S&P 500 0.14%, Nasdaq 0.64%

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Bill passes in 215-214 vote, sent to US Senate

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30-year Treasury yields at fresh 19-month high

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Alphabet hits nearly three-month high

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Solar stocks fall on fears of subsidies ending

(Updates with afternoon trading levels)

By Shashwat Chauhan and Kanchana Chakravarty

May 22 (Reuters) -

The S&P 500 struggled for direction on Thursday after the

U.S. House of Representatives passed President Donald Trump's

tax and spending bill, expected to burden the federal government

with trillions of dollars in extra debt, by a razor-thin margin.

If what Trump has described as a "big, beautiful bill"

becomes law, it is expected to add about $3.8 trillion to the

country's $36.2 trillion debt in the next decade, according to

the nonpartisan Congressional Budget Office.

The bill now faces a test in the Republican-controlled

Senate and will fulfill much of Trump's populist agenda if

passed, delivering new tax breaks on tips and car loans and

boosting U.S. military expenditure.

"It seems pretty clear that, in its present form, the

legislation is certainly not going to improve the budget deficit

and could make it substantially worse," said Steve Sosnick,

chief market analyst at Interactive Brokers.

Longer-dated Treasury yields hovered near multi-month highs,

with those on the 10-year benchmark at 4.58% and the

30-year Treasury yield at a new 19-month high.

At 11:46 a.m. ET, the Dow Jones Industrial Average

rose 52.01 points, or 0.12%, to 41,912.45, the S&P 500

gained 8.17 points, or 0.14%, to 5,852.78, and the Nasdaq

Composite added 120.56 points, or 0.64%, to 18,993.21.

Eight of the 11 S&P sub-sectors traded lower, with utilities

and energy among top decliners, down more than

2% and 1% respectively.

Most megacap and growth stocks inched up. Alphabet

led gains with a 3.3% rise, touching a nearly

three-month high.

Shares of solar energy companies including First Solar ( FSLR )

fell more than 6% as Trump's tax bill is expected to

end a number of green-energy subsidies.

Snowflake jumped more than 12% after the cloud

computing firm raised its fiscal-year 2026 product revenue

forecast.

All three main stock indexes had witnessed their biggest

single-day percentage drops in a month on Wednesday as Treasury

yields spiked on worries about mounting U.S. debt.

U.S. stocks have had a solid month so far, with the S&P 500

climbing more than 15% from its April lows, when Trump's

reciprocal tariffs roiled global markets.

A pause in tariffs, a temporary U.S.-China trade truce and

tame inflation data have pushed equities higher, although the

S&P 500 is still about 3% off record highs.

Fed Governor Christopher Waller said in an interview to Fox

Business that central bank rate cuts would be on the menu if the

Trump administration's tariff agenda settles on the lower side

of the ledger.

On the data front, U.S. business activity picked up in May,

while separate data showed jobless claims dropped last week,

suggesting that the economy maintained a steady pace of

employment growth.

Traders currently see at least two 25-basis-point rate cuts

by the end of the year, according to data compiled by LSEG.

Declining issues outnumbered advancers by a 1.95-to-1

ratio on the NYSE and by a 1.05-to-1 ratio on the Nasdaq.

The S&P 500 posted one new 52-week high and nine new

lows, while the Nasdaq Composite recorded 34 new highs and 83

new lows.