Dow stocks fell 600 points as yields rose in trading Wednesday. Nvidia edged higher while Tesla rose ahead of a robotaxi launch in June.

Market concerns that the Trump administration’s bespoke budget won’t actually do anything to fix inflation or US debt issues sent Treasury yields higher, putting downward pressure on equity markets.

The stock-market selloff was picking up steam on Wednesday afternoon after a lackluster auction of 20-year Treasury notes sent yields surging. The Dow Jones Industrial Average was falling by more than ...