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Futures down: Dow 0.56%, S&P 500 0.48%, Nasdaq 0.44%

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Tax-cut bill passes in 215-214 vote, sent to US Senate

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Snowflake shines after raising revenue forecast

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Solar stocks fall on fears of green-energy subsidies

ending

(Updates before markets open)

By Shashwat Chauhan and Kanchana Chakravarty

May 22 (Reuters) - Wall Street's main indexes were on

track for a lower open on Thursday after the U.S. House of

Representatives passed President Donald Trump's tax bill, which

is expected to burden the country with trillions in debt, by a

razor-thin margin.

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

trillion to the federal government's $36.2 trillion debt in the

next decade, according to the nonpartisan Congressional Budget

Office.

It 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

military expenditure.

"For all that the government has been trying to reduce

government spending and the overall debt level, it seems that

this bill is basically going to undo all that they have done,"

said Sam Stovall, chief investment strategist at CFRA Research.

At 08:32 a.m. ET, Dow E-minis were down 230

points, or 0.56%, S&P 500 E-minis shed 28.25 points, or

0.48%, and Nasdaq 100 E-minis lost 92.75 points, or

0.44%.

All three main stock indexes witnessed their biggest

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

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

Longer-dated Treasury yields stayed near their multi-month

highs on Thursday, with those on the 10-year benchmark

at 4.622%.

Most megacap and growth stocks reversed premarket gains,

with Tesla leading losses with a nearly 2% fall.

Shares of solar energy companies including First Solar ( FSLR )

dropped 4.3% as Trump's tax bill is expected to end a

number of green-energy subsidies.

Cryptocurrency and blockchain-related stocks jumped as

bitcoin, the world's biggest cryptocurrency, climbed to a

record high.

Exchange operator Coinbase advanced 1.4%, bitcoin

stockpiler Strategy gained 1.6% and crypto miners

including MARA Holdings ( MARA ) added 3.7%.

Snowflake jumped 8.3% after the cloud computing

firm raised its fiscal 2026 product revenue forecast.

Insurer UnitedHealth ( UNH ) extended losses after a nearly

6% drop in the last session and was down 3.5%.

Analog Devices ( ADI ) gained 3.2% after the chipmaker

forecast third-quarter revenue and profit above Street

expectations.

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 rattled 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 its 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.

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

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

A preliminary reading of the May Purchasing Managers' Index

is scheduled for release shortly after the opening bell, while

separate data showed jobless claims for the week ended May 17

stood at 227,000 versus an estimate of 230,000.