By Katy Barnato

Stock futures suggest the market could stabilize Thursday after yesterday's sharp pullback. Bitcoin notched a new intraday high, extending a rally that gained extra momentum this week after the Senate voted to advance a bill aimed at regulating stablecoins.

Meantime, another bill is in focus. A sprawling tax-and-spending package that sharpened concerns about the fiscal outlook is headed for a floor vote this morning, after last-minute changes by House Republicans. The 30-year Treasury yield held around 5%, after settling above that level for the first time since October 2023.

In Canada, a gathering of G-7 policymakers, including U.S. Treasury Secretary Scott Bessent, is wrapping up. The European Union's top economic official is due to meet with Bessent, and plans to talk trade.

On the data front, investors will scrutinize preliminary purchasing managers indexes covering manufacturing and services for an early read on the economy in May. They will also get a report on home sales and a smattering of earnings, including from Analog Devices and Ralph Lauren.

In recent trading:

--Stock futures wavered. The Dow industrials led indexes lower Wednesday, falling 1.9% after a disappointing Treasury auction accelerated a bond selloff.

--Bitcoin traded at nearly $111,000. President Trump will attend a gala dinner Thursday with the biggest holders of his $TRUMP meme coin.

--Asian and European stocks fell, echoing Wednesday's falls in the U.S. Eurozone business activity declined in May, despite Trump rolling back some tariff hikes, new data showed.

--Oil prices dropped after an unexpected buildup in U.S. crude stockpiles, while a Bloomberg report said OPEC and its allies are discussing another large output hike. Brent and WTI futures both fell more than 1%.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

May 22, 2025 06:21 ET (10:21 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.