- U.S. stock indexes ended mixed after the House passed a major budget bill with tax cuts and reduced spending.
- Renewable energy stocks fell sharply as the proposal would phase out clean energy incentives earlier than planned.
- Shares of Coinbase and other crypto firms rose as Bitcoin reached a new all-time high.
- Medicare Advantage insurers saw declines after regulators said they would increase audits.
- Seagate Technology and United Airlines both closed higher on company-specific news.
U.S. stock markets finished with little overall change on Thursday, May 22, after the House of Representatives approved a significant budget bill. The legislation includes tax cuts and reductions in spending for programs such as health care and food assistance.
The S&P 500 edged down by less than 0.1%, while the Dow Jones Industrial Average was nearly flat and the Nasdaq gained 0.3%. The new budget proposal will now move to the Senate, where lawmakers may make changes or amendments.
The House bill would cancel numerous clean energy incentives, which led to steep declines in renewable energy stocks. The plan proposes to end tax credits for wind and solar projects by 2029, earlier than previously scheduled. Shares of Enphase Energy dropped 19.6%, marking the largest loss in the S&P 500 for the day, while NextEra Energy fell 6.4%.
Meanwhile, the price of Bitcoin surged to a new record, supported by progress on cryptocurrency-related legislation and greater acceptance from financial companies. As a result, shares of Coinbase Global rose 5%, leading the S&P 500 gainers. Stocks of other crypto-related firms also climbed.
In the health sector, the Centers for Medicare & Medicaid Services said it would step up audits of Medicare Advantage plans to address fraud and waste. This brought down shares of major health insurers, with Humana stock decreasing 7.6%.
Other stocks with notable moves included Williams-Sonoma, which reported sales and profits above expectations, but its gross margins fell short of forecasts, resulting in a 4.5% decline. The company kept its annual outlook unchanged but cited higher costs due to tariffs.
Seagate Technology Holdings advanced 4.2% after its board authorized up to $5 billion in stock buybacks. The company said the plan allows flexibility in purchasing shares over time, depending on cash flow and capital needs.
United Airlines shares rose 3.6%, recovering after a recent dip. The stock benefitted from an analyst upgrade, which was supported by optimism about international travel demand following a temporary halt to new U.S.-China tariffs.
For more information, see the original article on Investopedia.
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