Stocks turned lower Wednesday after a disappointing Treasury bond auction accelerated a selloff in the debt market. The Dow Jones Industrial Average dropped about 600 points, or 1.5%, leading indexes lower in afternoon trading.

Long-dated U.S. Treasury yields rose as weak demand at Japan's 40-year government bond auction sparked a renewed jump in ultralong JGB yields, with some spillover to other markets. "Global yields are giving back some of their gains this morning,

Stock weakness has more to do with changing odds of recession than pressure from higher US Treasury yields. Rising global yields and government debt trends are examined.

President Trump’s ‘big beautiful spending’ bill is giving investors pause as bond yields move higher over debt and deficit concerns. The 10-year Treasury yield topped 4.5% creating headwinds for U.S.

Stock futures are lower on Wednesday as Treasury yields charge higher, as Republicans work on a bill to lower taxes

The BOJ has been gradually raising interest rates since last year, causing a rise in bond yields, which move inversely to prices. The yield on benchmark 10-year JGBs rose to 1.485% at the end of March from 0.725% a year earlier.

US Treasuries have come under pressure in recent weeks as President Donald Trump’s signature tax legislation and a Moody’s Ratings downgrade put the spotlight on rising debt issuance and a ballooning budget deficit. The dollar has also been hit as shifting US policies and the global trade war weighed on demand for American assets.

Stock futures moved lower Thursday after major indexes posted steep declines yesterday amid mounting concerns about the federal deficit as a budget bill works its way through Congress.