Dow slides as Treasury yields surge above key levels. Traders eye deficit risks, stalled tax bill, and Fed signals for the next stock market move.

Financial markets are once again focused on Washington, D.C., but taxes, not tariffs, are driving recent price action.

Stocks closed down significantly on Wednesday as bond yields spiked amid deficit concerns centered on a tax cut measure under consideration in the U.S. House as part of a megabill supporting President Donald Trump's second-term agenda.