U.S. stocks opened narrowly mixed, the day after a selloff spurred by rising yields.
Treasury yields rose, with the 30-year bond yield piercing the key 5% level and hitting the highest level since 2023 amid government deficit worries as Republicans work on passing a giant tax bill that some analysts estimate could cost $3.8 trillion . The legislation dubbed the "One, Big, Beautiful Bill" passed the House and now goes to the Senate. Among the provisions included to jump that final hurdle: a state and local tax (SALT) deduction cap increased to $40,000 from $10,000 and Medicaid work requirements to begin in December 2026 instead of 2029.
At 9:57 a.m. ET, the blue-chip Dow inched up 0.02%, or 6.29 points, to 41,866.73; the broad S&P 500 added 0.05%, or 2.65 points, to 5,847.26; and the tech-heavy Nasdaq rose 0.54%, or 102.7 points, to 18,975.34. The benchmark 10-year Treasury yield dipped to 4.595%, but the 30-year bond yield edged up to 5.119%.
Bitcoin touched a record high above $111,000, and oil prices slid after Bloomberg said oil producing member countries, or OPEC+, are discussing a potential third consecutive oil production surge in July, with an output hike of 411,000 barrels a day among the options under consideration.
Separately, top European Union economic official, Valdis Dombrovskis, will meet U.S. Treasury Secretary Scott Bessent to discuss tariffs and trade negotiations.
Corporate news
Cryptocurrency
Bitcoin continued its slow climb, last up 1.43% at $111,178.80. The rally has been powered by more institutional buying and corporate adoption of the digital asset.
Earlier this week, JPMorgan chief executive Jamie Dimon said bank clients can now buy bitcoin. Other major banks like Morgan Stanley already allow eligible clients to invest in bitcoin.
This story was updated with new information.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: Stocks open choppy as 'big, beautiful' tax bill moves to Senate