Possible scenario

Rules Face Resistance

its chance, of the story’s futures

+0.2%on the S&P 500, if it happens

The legislature, business groups, and some local governments resist the breadth of the new tax and union labor requirements. The policy remains directionally intact, but implementation slows as lawmakers and courts test how much authority Hinojosa has over permits and ERCOT interconnections.

What it moves

Utilities+0.5%
Technology+0.4%
Finance+0.2%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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