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Dow and S&P 500 finish flat while Nasdaq up 0.28%

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Snowflake jumps after raising product revenue outlook

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Alphabet hits nearly three-month high

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Solar stocks fall on fears of subsidies ending

(Updates to 4:10 pm ET)

By Chibuike Oguh

NEW YORK, May 22 (Reuters) - U.S. stocks closed a choppy

session little changed on Thursday, erasing initial declines as

Treasury yields eased off recent highs after the House of

Representatives passed U.S. President Donald Trump's tax and

spending bill.

Recent concerns about the U.S. deficit have pushed up

Treasury yields and pressured stocks, but longer-dated yields

fell on Thursday, allowing stocks to take a breather. The

benchmark U.S. 10-year note yield fell 5.4 basis

points to 4.543% after hitting its highest since February.

The benchmark S&P 500 and the Dow Jones Industrial Average

ended flat, while the Nasdaq edged higher. All three major Wall

Street indexes had posted their biggest single-day percentage

drops in a month on Wednesday as Treasury yields spiked on U.S.

debt worries.

The Republican-controlled House voted by a slim margin to

pass the bill, which would fulfill many of Trump's campaign

pledges to his political base, but will increase the $36.2

trillion U.S. debt pile by $3.8 trillion over the next decade,

according to the nonpartisan Congressional Budget Office.

Investors are also weighing the impact of Trump's tariffs on

U.S. imports, including on consumer prices.

"The problem today was the tax bill, which appears to have

passed," said George Young, partner and portfolio manager at

Villere & Co in New Orleans. "But we are thinking about bigger

potential problems and the two main things on the table are

tariffs and interest rates."

"The market hates uncertainty and we've still got this

overhang of the tariffs and the bond market, which is totally

apolitical and totally international," Young added.

The Dow Jones Industrial Average fell just 1.35

points to 41,859.09, the S&P 500 lost merely 2.60 points

or 0.04% at 5,842.01 and the Nasdaq Composite gained

53.09 points, or 0.28%, at 18,925.74.

Eight out of 11 S&P 500 subsectors finished lower, led by

utilities, healthcare, energy and consumer staples stocks.

Consumer discretionary, communication services and technology

stocks advanced.

Megacap growth stocks, including Nvidia ( NVDA ), Amazon ( AMZN )

and Tesla, gained. Alphabet was 1.3%

firmer after touching a nearly three-month high. Apple ( AAPL )

ended down 0.36%.

Snowflake jumped more than 13% after the cloud

computing firm raised its fiscal 2026 product revenue forecast.

Analog Devices ( ADI ) fell 4.6% despite the semiconductor

manufacturer beating Wall Street estimates for quarterly

results.

Shares of solar energy companies including First Solar ( FSLR )

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

of green-energy subsidies. First Solar ( FSLR ) finished down 4.3%.

Declining issues outnumbered advancers by a 1.17-to-1

ratio on the NYSE. There were 68 new highs and 99 new lows on

the NYSE.

The S&P 500 posted four new 52-week highs and nine new

lows while the Nasdaq Composite recorded 49 new highs and 109

new lows.

Volume on U.S. exchanges was 16.09 billion shares, compared

with the 17.56 billion average for the full session over the

last 20 trading days.