Wall Street experienced a significant downturn on Wednesday, with the Dow Jones Industrial Average plummeting by 816.80 points, or 1.9%, to close at 41,860.44. The S&P 500 also fell by 1.6% to 5,844.61, marking its largest daily drop since April 21st, while the Nasdaq Composite declined by 1.4% to 18,872.64. This sell-off was triggered by a surge in U.S. Treasury yields, with the 30-year yield reaching 5.09%, its highest level since late 2023, following a poorly received auction of 20-year Treasury bonds where the yield hit 5.047% to attract buyers for $16 billion. The weak demand at the Treasury auction underscored investor concerns about the U.S. fiscal outlook. These concerns were exacerbated by ongoing discussions in Congress over a proposed tax-cut bill that could add trillions to the national debt, further straining the government's finances. Additionally, Moody's recent downgrade of U.S. debt from Aaa to Aa1 highlighted the growing unease about the country's fiscal health. The rise in Treasury yields was not isolated to the U.S., as global bond markets also saw increases, reflecting broader worries about government borrowing and central bank policies. The U.S. dollar weakened, falling 0.6% to 143.62 yen, amid these fiscal concerns. In Asia, the Nikkei 225 in Tokyo fell 0.6% as Japan's exports slowed due to tariffs, while other regional markets also experienced declines. Meanwhile, Bitcoin hit a record high, and gold prices rose by 0.7%, but oil prices fell amid these market movements.