U.S. Equity Futures Climb as Trump’s Tax Bill Advances and Wall Street Sets New Highs

U.S. equity futures edged higher on Sunday evening, buoyed by positive momentum from last week's record-setting rally and renewed optimism surrounding President Donald Trump's comprehensive fiscal reform bill, which passed a key procedural hurdle in the Senate.

Futures Overview (as of 20:45 ET / 00:45 GMT)

• S&P 500 Futures: +0.3% at 6,241.75

• Nasdaq 100 Futures: +0.4% at 22,841.75

• Dow Jones Futures: +0.5% at 44,342.00

These gains followed a week in which major indexes posted strong performance, driven by softer inflation data and growing expectations for near-term interest rate cuts.

Senate Advances Trump's Comprehensive Tax and Spending Bill

On Saturday, the U.S. Senate approved a 51-49 procedural vote, formally opening debate on President Trump's sweeping “One Big Beautiful Bill.” The proposal consolidates:

• Major corporate and individual tax cuts

• Domestic spending reforms

• Border security allocations

The bill's advancement marks the beginning of an intense legislative week. Up to 20 hours of Senate debate is scheduled before a final vote. While Republican leaders aim to conclude proceedings before the July 4 holiday, opposition remains in the House, where lawmakers have raised concerns over the bill's potential to significantly widen the federal deficit.

The Congressional Budget Office (CBO) estimates that the Senate version could add approximately $3.3 trillion to the deficit over the next decade.

Wall Street Closes at All-Time Highs

Equity markets finished last week on a strong note:

• S&P 500: +0.5%, closed at a new record high

• NASDAQ Composite: +0.5%, also hit a record close

• Dow Jones Industrial Average: +1.0%, nearing its historical peak

Investor sentiment was supported by:

1. Weaker inflation prints, increasing the likelihood of Federal Reserve rate cuts.

2. Progress on U.S. trade negotiations with key partners.

3. De-escalation in the Middle East following a U.S.-brokered ceasefire between Israel and Iran.

Supporting Data APIs

To access real-time and historical financial data referenced in this report, the following endpoints are recommended:

• Economics Calendar: Track key inflation and interest rate events

• Market News API: Stay updated on political and fiscal developments influencing markets

Outlook: Policy, Tariffs, and Rates in Focus

Looking ahead, market attention will remain fixed on:

• The legislative trajectory of Trump's tax bill

• The July 9 deadline for new tariffs and potential global trade realignments

• Upcoming Federal Reserve commentary and inflation data

Volatility could rise as investors assess the likelihood of fiscal stimulus and central bank action against a complex backdrop of domestic and geopolitical factors.