Shares of General Motors, which recently announced plans for 20 new all-electric models by 2023, dipped 1.2 percent. But shares of Ford, which has said it plans to add 13 electric vehicles in the near future, increased 0.6 percent.
“A lot of what’s in this plan are bargaining positions; we have to see how the final bill morphs as time goes forward,” Steven Blitz, chief United States economist with TS Lombard, said. “There’s a lot of horse trading to come, so an overreaction doesn’t make a lot of sense.”
The prospect of business-friendly tax cuts have helped pushed stocks up in recent weeks as the tax bill took shape amid delays and intense debate. Republicans hope to deliver a finished plan to President Trump by Christmas, but will first have to contend with objections from Democrats and special interests.
The 10-year Treasury yield was trading at 2.35 percent.
Wall Street is also waiting for Mr. Trump to officially nominate Jerome H. Powell as the new chairman of the Federal Reserve, an announcement that was scheduled for Thursday afternoon. Mr. Powell, a current Fed governor, would succeed Janet L. Yellen once her term ends in February.
In other notable market developments, Newell Brands stock tumbled 27 percent after the company, which owns Rubbermaid, slashed its annual forecasts following a shaky third quarter, and Teva Pharmaceutical Industries, the largest generic drugmaker in the world, lowered its financial outlook for the year on Thursday, sending shares down 20 percent.