Senate Passes Trump’s Tax-and-Spending Bill in Tie Vote

Markets React to Major Fiscal Shift, Dollar Slides Sharply

TL;DR:

🏛️ Senate passes Trump’s fiscal bill in a tie
💵 Dollar logs steepest H1 decline since 1973
📊 Key jobs and oil data due today
📈 UniFirst set to report earnings

Senate Passes Trump’s Fiscal Bill in a Tie

The Senate narrowly approved President Trump’s sweeping tax-and-spending bill in a 51-50 vote, with Vice President JD Vance casting the tie-breaker. The legislation marks a significant fiscal policy shift, sparking immediate market volatility and raising questions about future government spending and taxes. Source

Dollar Logs Steepest H1 Decline Since 1973

The U.S. dollar posted its worst first-half performance in over 50 years, tumbling more than 10%. The decline follows heightened expectations of Federal Reserve rate cuts and ongoing political friction over the future of Fed leadership, fueling risk-off sentiment in currency markets. Source

Key Jobs and Oil Data Due Today

The market is watching closely for the ADP Employment Change report and EIA Crude Oil Inventory data due later today. These releases are likely to drive short-term volatility in equities, commodities, and the dollar as traders assess the health of the labor market and energy supply. Source

UniFirst Set to Report Earnings

UniFirst Corporation will report earnings today, with analysts expecting EPS of $2.09. Investors will be watching for guidance, given volatile macro conditions and sector trends. Source