Wall Street expands losses, Dow Jones closes down over 800 points

US stock indices fell on Wednesday and expanded the losses after a weak treasury note auction.

Stocks are pressured by higher US treasury yields, which could hurt the prices of most other investments, amid concerns about ongoing tax cut plans in Washington, which would add trillions of dollars to the US debt pile.

US 30-year treasury yields rose to 5.08%, the highest since October 2023, while 10-year yield reached 4.59%.

At the close, Dow Jones fell 1.9%, or 817 points to 41,860 points, with a session-low at 41,785 points.

S&P 500 fell 1.6%, or 96 points to 5844 points, with a session-low at 5831 points.

NASDAQ slid 1.4%, or 270 points to 18,872 points, with a session-low at 18,799 points.