The Dow closed lower by 817 points, or 1.91%. The broader S&P 500 slid 1.61% and the tech-heavy Nasdaq Composite fell 1.41%. The three major indexes each posted their worst day in one month.

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"

Longer-dated U.S. bond yields crept back above 5% early Wednesday, as part of a broader global bond selloff. Thirty-year yields had surged Monday on concerns about the U.S. fiscal outlook, only to pull back.