The sell-off in bonds accelerated midweek after a weak Treasury auction and as investors worry that Trump's tax bill will add trillions to the deficit.

U.S. stocks saw a broad selloff Wednesday afternoon after the yield on the 10-year Treasury crossed above 4.5% rattling investors. The benchmark is a barometer for everything from mortgages to personal loans and now signaling higher borrowing costs.

Stocks drifted to a mixed close on Wall Street in what has been a rocky week because of worries coming out of the bond market about the U.S. government’s mounting debt.

US Treasury yield is trading in a range that implies some investors are pricing in stagflation, according to one strategist.

Treasury yields were little changed as a selloff fueled by the passage of President Trump’s tax bill in the House lost some steam following a decline in jobless claims.

The S&P 500 closed near the flatline on Thursday, while the Dow Jones Industrial Average and Nasdaq Composite finished the session marginally lower.

European stocks fell on Thursday as concerns over U.S. fiscal health kept Treasury yields elevated, while data showing weak euro zone business activity added to the gloom.

Trump’s tariffs and the global trade war continue to impact global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Global equities were sluggish Thursday as US Treasury bond yields moderated following House passage of President Donald Trump's mammoth tax cut legislation.