Wall Street trades in the red on Wednesday, while yields inched higher as investors turned their attention to U.S. President Donald Trump's tax bill. Early on and the S&P 500 (SP500) was -0.5%, the Nasdaq Composite (COMP:IND) was -0.

Stock futures are pointing to a lower open for major indexes on Wednesday as investors keep close tabs on deliberations in Congress on a sweeping bill that would extend significant tax cuts and boost spending.

Dow slides as Treasury yields surge above key levels. Traders eye deficit risks, stalled tax bill, and Fed signals for the next stock market move.

US stocks managed to eke out gains on Monday as bond yields eased off bigger gains and Wall Street largely shrugged off Moody's downgrade of the US credit rating. Meanwhile, investors digested developments in President Trump's tariff salvos.

The major U.S. index futures on the Dow Jones, S&P and Nasdaq are currently pointing to a lower open on Wednesday, with stocks likely to see further downside following the moderate pullback in the previous session.

Wall Street's major averages closed out Monday’s trading session mostly flat after trading lower for the bulk of the session as the investment community digested Moody’s Ratings downgraded the United States' last remaining top-tier credit rating,

Tech losses halted the S&P 500’s rally as Dow and Nasdaq also fell. Investors brace for inflation data and Fed signals to guide the next market move.