Stocks were little changed on Thursday after a steep downturn the previous session fueled by mounting concerns about the federal deficit as a budget bill works its way through Congress.

Stocks were little changed on Thursday after a steep downturn the previous session fueled by mounting concerns about the federal deficit as a budget bill works its way through Congress.

Stocks eked out small losses on Thursday following a steep downturn in the previous session that was fueled by mounting concerns about the federal deficit as a budget bill works its way through Congress.

The Dow Jones Industrial Average and S&P 500 each finished the session fractionally lower, while the tech-heavy Nasdaq Composite tacked on 0.3%, as each of the major indexes slumped in the final half hour of trading. Stocks had tumbled on Wednesday, while bond yields soared, as investors monitored developments on a GOP tax and spending proposal that is expected to dramatically increase the deficit. A weaker-than-expected auction of Treasury bills also weighed on sentiment yesterday.

Earlier Thursday morning, President Donald Trump's "One Big Beautiful Bill" narrowly passed in the House of Representatives, and it will now head to the Senate. Investors are focused on the deliberations in Congress amid worries about how the budget bill will affect an already unsustainable fiscal situation.

The yield on the 10-year Treasury note, which directly affects borrowing costs on all sorts of consumer and business loans, rose sharply this morning, hitting its highest level since mid-February, but then retreated. The yield was at 4.53% in late-afternoon trading, down from 4.60% at yesterday's close, after moving as high as 4.63% earlier today. The 10-year yield stood at 4.44% at the end of last week.

Shares of the world's largest technology companies, which were at the forefront of the rally that preceded this week's downturn, were mostly higher Thursday, led by 2% increase for EV maker Tesla (TSLA). Alphabet (GOOG), which was the sole mega-cap gainer on Wednesday, added about 1% today, while Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta Platforms (META) and Broadcom (AVGO) also gained ground. Apple (AAPL) shares closed slightly lower, marking the seventh straight day of declines for the iPhone maker.

Crypto exchange Coinbase Global (COIN) jumped 5% to lead S&P 500 gainers as the price of bitcoin continued surging. Bitcoin was at $111,100 in late-afternoon trading, after hitting a fresh record high just below $112,000 earlier in the day. The digital currency hit an all-time high yesterday for the first time since just before President Trump took office in January.

Shares of Nike (NKE) rose more than 2% to lead Dow advancers following news that the sports apparel giant would resume selling on Amazon, and reports that the company plans to raise prices in response to tariffs.

UnitedHealth (UNH), which has been battered in recent weeks following the departure of its CEO, the suspension of guidance and reports that it's the subject of a DOJ probe, fell another 2% to lead Dow decliners. UnitedHealth and other health insurers came under pressure today after the Centers for Medicare & Medicaid Services said it plans to take a more "aggressive" approach to auditing Medicare Advantage plans. Humana (HUM) dropped about 7.5%.

Renewable energy stocks tumbled Thursday as the tax bill approved by the House effectively nullifies many Biden-era green energy initiatives, a move seen as deeply damaging to the solar sector. Enphase Energy (ENPH) dropped 19% to lead S&P 500 decliners, while SunRun (RUN) plunged 37% and NextEra Energy (NEE) stock slid more than 6% and First Solar (FSLR) dropped 4%.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was recently up 0.4% at 99.90.

Gold futures were down 0.6% at $3,295 an ounce in late-afternoon trading, after rising for three straight days as some investors turned to the traditional safe haven asset amid the downturn in equities. West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 1.2% to $60.80 per barrel.