From Nasdaq: 2025-05-22 10:29:00

On Thursday, news of the tax bill passing the House sent shockwaves through the market. The bill is expected to add $3.1 trillion to the deficit over 10 years, leading to a credit downgrade. Bond markets reacted, and major indexes fell. Jobless claims stayed steady, with Initial Claims at 227K and Continuing Claims at 1.903 million.

Earnings reports from Ralph Lauren and BJ’s Wholesale showed mixed results. Ralph Lauren beat estimates with $2.03 EPS and $1.70 billion in revenue, while BJ’s reported $1.14 EPS but missed revenue expectations. Both stocks saw gains. Market expectations for PMI, Home Sales, and upcoming earnings from Workday, AutoDesk, and Deckers Outdoor are in focus.

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Read more at Nasdaq: Pre-Markets Even Out as Investors Digest Tax Bill