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.

The bond sell-off arrives at a moment of heightened volatility in Treasury markets. Long-term bond yields soared last month in the immediate aftermath of Trump's "Liberation Day"