U.S. stocks tumbled on Wednesday, marking their steepest daily decline in a month, as a surge in Treasury yields rattled investors. The spike in yields was driven by concerns that President Donald Trump’s proposed tax-cut bill could balloon the federal deficit by trillions of dollars.
All three major Wall Street indexes ended significantly lower, while small-cap stocks took an even bigger hit, with the Russell 2000 suffering its worst drop since April 10.
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