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Trump's tax bill edged through the House, stirring markets while bitcoin reached new heights.

What does this mean?

The Republican House barely handed President Trump a triumph, passing his tax bill by a single vote, sending it to the Senate for the next face-off. The bill proposes slashing taxes, removing deductions on tips and overtime, and encouraging purchases of American-made cars through new deductions. However, the Congressional Budget Office warns it could inflate the national deficit by $2.3 trillion over the next decade. Market reactions were mixed: the Dow and S&P 500 dropped by 0.1%, utilities suffered the most, while communication services saw gains. The Nasdaq rose 0.3% as bitcoin soared to a record $111,886.41, keeping cryptocurrencies in the spotlight.

The proposed tax cuts didn't benefit all sectors, with utilities leading declines due to concerns over lost revenue from energy-related deductions. Meanwhile, the S&P 500's top performer, Coinbase Global, gained 3.5% thanks to bitcoin's surge. Advance Auto Parts also soared 52% after impressive quarterly results. Oil companies are facing headwinds as West Texas Intermediate crude dipped 0.6% on potential OPEC production increases.

The bigger picture: Global economic currents shift.

The tax plan's potential to swell the US deficit might reverberate through global markets, possibly impacting international trade relations and economic strategies. With US Treasury yields falling, signaling cautious investor sentiment, international markets could prepare for liquidity shifts. Gold fell 0.4% to $3,299.50 per troy ounce, while silver declined 1.3%, highlighting broader uncertainty. Attention will turn to upcoming earnings reports from firms like Intuit and Workday for further market insights.