Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed higher by over 1.5% after the Senate advanced a government reopening bill in a 60-40 procedural vote.
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The Senate must still vote to approve the bill, which would fund the government until January 30, 2026. Although the bill doesn’t extend Affordable Care Act (ACA) subsidies, a key point of contention between the two parties, it permits a vote on the issue by December. It remains unclear when the Senate will cast its final vote, with the timing hinging on how long discussions stretch.
Speaker Mike Johnson said he would provide the House with a 36-hour notice before it votes, adding that he expects the chamber to vote this week. The legislation requires approval from the House and then President Trump before it can be passed into law.
Meanwhile, Trump provided more details on a potential $2,000 tariff dividend check to low- and middle-income Americans after proposing the idea over the weekend. In addition, he said that the remainder of the money after the checks are issued will be used to pay down the national debt of $38 trillion. Treasury Secretary Scott Bessent suggested that the dividend could be received through “tax decreases that we are seeing on the president’s agenda” instead of a direct check.
Furthermore, Trump warned that the U.S. would face a “National Security” event if the Supreme Court moves to overturn the legality of his tariffs based on the International Emergency Economic Powers Act (IEEPA), which could result in a refund bill worth over $2 trillion.
“The actual Number we would have to pay back in Tariff Revenue and Investments would be in excess of $2 Trillion Dollars, and that, in itself, would be a National Security catastrophe,” Trump said in a Truth Social post. “Those opposed to us in the United States Supreme Court are giving low Numbers so that the Court will think it is easy to get out of this terrible situation that these Anarchists and Thugs have put us into!”
Finally, U.S. consumer durables and personal goods inflation slowed for the first time in three months to 0.22% in October, according to OpenBrand. The prices of these goods may have been affected by discounts heading into the holiday season, with the typical magnitude of discounts rising by 0.4% to 20.4% during the month.
The S&P 500 (SPX) closed with a 1.54% gain, while the Nasdaq 100 (NDX) returned 2.20%.
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