Stocks turned lower Wednesday after a disappointing Treasury bond auction accelerated a selloff in the debt market. The Dow Jones Industrial Average dropped about 600 points, or 1.5%, leading indexes lower in afternoon trading.

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"

Financial markets are once again focused on Washington, D.C., but taxes, not tariffs, are driving recent price action.