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US stock indices were drifting on Thursday after the House of Representatives cleared President Donald Trump's tax bill.

The House approved the bill early on Thursday that would cut taxes and is expected to burden the US with trillions of dollars of debt.

As of 12:53 PM Eastern time, the S&P 500 rose 0.1%, the Dow Jones Industrial Average was up 0.1%, and the Nasdaq Composite was 0.5% higher.

At 09:49 a.m. ET, the Dow Jones Industrial Average fell 72.70 points, or 0.17%, to 41,790.95, the S&P 500 lost 8.11 points, or 0.14%, to 5,836.38, and the Nasdaq Composite gained 28.91 points, or 0.15%, to 18,901.55.

At the opening bell, the Dow Jones Industrial Average fell 96.8 points, or 0.23%, to 41763.68. The S&P 500 fell 3.3 points, or 0.06%, to 5841.26, while the Nasdaq Composite rose 15.4 points, or 0.08%, to 18888.048.

According to the bill, tax cuts, enacted under Trump's 2017 legislation, will be extended for 10 years.

The tax bill now faces a test in the Republican-controlled Senate.

On the economic data front, US business activity rose in May.

Separately, data showed jobless claims fell last week.

In the bond market, the yield on the 10-year Treasury hit a high of 4.63% in the pre-market session, and falling to 4.59% afterwards. The 2-year yield dropped to 4.00% from 4.02% late on Wednesday.

Among megacap stocks, Google-parent Alphabet rose 4% and Microsoft rose 1.3%.

Snowflake shares surged 9% after the cloud computing company raised its product revenue forecast for the fiscal year 2026.

Health care stocks declined following the Centers for Medicare & Medicaid Services announcement that it was expanding audit of Medicare Advantage plans.

UnitedHealth stock lost 1.3% and Humana was slid 4.4%.

Gold prices fell on Thursday as the US dollar strengthened.

Spot gold declined 0.4% to $3,301.37 an ounce, by 1043 AM ET (1443 GMT). US gold futures lost 0.4% to $3,301.00.

Spot silver fell 1.1% to $32.99 an ounce, platinum edged lower 0.1% to $1,077.92 and palladium lost 2.7% to $1,009.89.

Oil prices slipped more than 1.5% on Thursday following a report that the OPEC member countries are considering another sharp production rise for July.

Brent futures fell $1, or 1.5%, to $63.98 a barrel in Europe, while US West Texas Intermediate crude dropped 97 cents, or 1.58%, to $60.60.

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