The S&P 500 and Nasdaq opened lower on Tuesday, pulling back from record highs hit the previous day, as investors kept a close watch on US trade negotiations and a marathon voting session in Washington over President Donald Trump’s sweeping tax and spending bill. In the early hours of trading, the Dow Jones Industrial Average slipped 33.3 points, or 0.08%, to 44,061.49. The S&P 500 dropped 17.7 points, or 0.29%, to 6,187.25, while the Nasdaq Composite fell 79.1 points, or 0.39%, to 20,290.61.
Senate Republicans continued efforts Monday evening to pass President Donald Trump‘s sweeping tax-cut and spending bill, despite internal divisions over its projected $3.3 trillion impact on the national debt. The Senate engaged in a prolonged “vote-a-rama,” a process allowing rapid-fire votes on amendments, as Republicans used budget reconciliation to avoid the usual 60-vote threshold. After 12 hours, it remained unclear how long voting would continue, with delays caused by compliance checks on proposed amendments.
Republicans can lose no more than three votes to pass the bill, as Democrats remain firmly opposed. The Congressional Budget Office estimated the Senate version would add $3.3 trillion to the $36.2 trillion U.S. debt, exceeding the House version by $800 billion. Republicans challenged the estimate, arguing that maintaining current policy wouldn’t increase debt. However, the projection is unsettling to international bond investors.
Democrats hope the debt figure sways fiscally conservative Republicans. Senate Minority Leader Chuck Schumer criticized the bill, claiming it cuts healthcare and raises energy costs for tax breaks benefiting the wealthy. Senate Majority Whip John Thune defended it, saying the tax cuts aid families and businesses while curbing unsustainable Medicaid growth. Trump aims to have the bill passed before July 4.