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.

Target, one of the nation's largest retailers, on Wednesday reported weaker sales for the first quarter and warned of a potential downdraft over the rest of the year as Americans react to U.S. tariffs by pulling back on consumption.

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