Market Turmoil: Stock Indexes Tumble Amid Fiscal Fears

The stock market experienced a significant downturn on Wednesday, with major indexes dropping by over 1% due to mounting concerns about the U.S. fiscal outlook. This decline followed a $16 billion sale of 20-year bonds by the Treasury Department, which was met with soft demand, further exacerbating investor unease.

In addition to worries about bond yields and the U.S. debt load, investor sentiment was negatively impacted by uncertainties surrounding President Trump's tax-cutting bill, which could increase the national debt by trillions. Meanwhile, trade negotiations with international partners remain stalled, contributing to the market's fragile state.

Despite the market's volatility, Bitcoin soared to a new record high, reflecting its divergence from traditional financial assets. This comes as the dollar weakened against major currencies and oil prices declined amidst developments in U.S.-Iran nuclear talks.

(With inputs from agencies.)