Stocks fall on US debt fears

Wall Street has declined following weak demand in a U.S. government debt auction, with key indices like the S&P 500, Dow Jones Industrial Average, and Nasdaq all experiencing downward movements of 1.3%, 1.7%, and 1.1% respectively. George Saravelos from Deutsche Bank highlighted that the dollar's depreciation indicated investors pulling away from U.S. assets, raising concerns about heightened fiscal risks tied to the government's twin deficits. Investors remain cautious amid debates over President Trump's tax cuts and spending packages, which are divided on specifics, while the federal debt outlook has worsened further with 10-year Treasury yields surging.