Wall Street saw one of its most brutal selling sessions overnight in over a month as rising deficit worries led to a spike in bond yields, which in turn hit sentiment around equities. The run-up seen from lower levels also was a big factor in investors choosing to take money off the table as uncertainties rose.

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.