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US stock futures rose as President Trump’s sweeping spending bill headed to the House after narrowly passing the Senate.
Futures attached to the Dow Jones Industrial Average (YM=F) ticked up 0.2%. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) rose 0.3%.
On Tuesday, stocks were mixed as Trump’s “One Big Beautiful Bill” cleared the Senate, with Vice President JD Vance casting the tie-breaking vote. The bill now heads to the House, where Speaker Mike Johnson aims to pass the legislation by Thursday, July 4. Economists estimate the bill’s final price tag could top $4 trillion.
Meanwhile, Trump’s pause on his “reciprocal” tariffs is set to expire on July 9, and the president has said he isn’t considering an extension. The administration is now reportedly trying to close smaller trade deals before the deadline, after which the president has said he will send letters to countries assigning tariff rates.
“I’ll be writing letters to a lot of countries,” Trump said on Tuesday.
Read more: The latest on Trump’s tariffs
Finally, Wall Street is looking forward to the release of the June jobs report on Thursday as investors bet a rate cut from the Federal Reserve could land sooner rather than later. Any labor market weakness will be closely watched as it could strengthen the case for a cut.
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Asian markets mixed with tariff deadline in focus, Singapore hits record high
Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide.
Singapore’s benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record.
Australia and Hong Kong led gains as Australia’s S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%.
Japan saw loss in the country’s major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%.
Korea’s Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal.
Mainland China’s CSI 300 (000300.SS) hovered near the baseline.
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Jeff Bezos sold 3.3 million Amazon Amazon in June
