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U.S. stock futures are pointing higher after the Senate approved a massive fiscal bill closely tied to former President Donald Trump’s legislative agenda. The bill now heads to the House of Representatives, where Republicans are racing against a self-imposed July 4 deadline to get it signed into law. Meanwhile, investors are looking ahead to fresh jobs data that could offer insight into the U.S. labor market.
Stock futures rose slightly on Wednesday as investors reacted to the Senate’s approval of a sweeping tax-cut and spending package. Focus also remains on interest rate trends and trade developments.
On Tuesday, the main indexes were mixed after stronger-than-expected hiring data and a smaller-than-feared slowdown in manufacturing. However, the big story was the Senate’s narrow passage of what Trump has called his “One Big Beautiful Bill,” now awaiting House approval.
The House is expected to take up the Senate’s version of the bill on Wednesday, but it’s unclear whether Republicans can meet their July 4 target. Some fiscally conservative GOP members are expected to push back.
The bill includes extensions of Trump’s 2017 tax cuts, new tax relief, and more funding for defense and border security. Analysts warn it could add over $3 trillion to the national debt. Despite that, bond markets have been relatively calm, as many investors expect the Federal Reserve to cut interest rates soon.
Investors are awaiting the ADP private payrolls report, due Wednesday, for clues about the job market and future Fed moves.
On Tuesday, data showed job openings rose unexpectedly in May, but overall hiring slowed — suggesting a possible softening in the labor market. More detailed labor data will follow on Thursday with the nonfarm payrolls report.
The Fed is balancing inflation control with employment support. While inflation has cooled, job market demand has started to ease, and policymakers are being cautious about adjusting interest rates amid global trade uncertainties.
Markets are also watching trade developments. The Trump administration’s pause on new tariffs is about to expire, and pressure is rising.
Trump said on Tuesday that India may be ready to make a trade deal that reduces tariffs on U.S. goods. If not, India could face a 26% tariff starting July 9.
“India doesn’t accept anybody in,” Trump said. “If they open up, we’ll cut tariffs – a lot.”
However, he also hinted he might just let the tariff pause expire and move forward with higher duties.
Oil prices remained steady Wednesday as traders monitored:
Trump announced that Israel had accepted a 60-day ceasefire plan, urging Hamas to follow suit.
Separately, the American Petroleum Institute reported a small build of 680,000 barrels in U.S. oil inventories last week, ending a five-week streak of steep inventory declines. The official government report is due later today.
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