Bond yields inched higher and Wall Street flipped from small gains to losses before the opening bell Thursday after rising U.S. debt sank markets on the previous day. Futures for the Dow Jones Industrial Average fell 0.5% in premarket trading, while futures for the S&P 500 and Nasdaq each slid 0.3%.

Stock and bond markets are sitting on a knife’s edge of doubt over the Trump administration’s tariffs and the impact of Congress’ budget bill on the federal deficit. Bond-rating agency Moody’s last week downgraded America’s credit worthiness.

Wall Street's major averages meandered on either side of the flat line on Thursday, while a bruising bond sell-off from the previous session eased up. The focus remained on President Trump's "One Big Beautiful" tax bill,

Wall Street, however, has calmed down. And it was not so panicked in the first place. During the recent turbulence, the VIX, a fear gauge, hit only its 24th-highest monthly level in the past 35 years. The index measures expected volatility for American stocks, based on the price investors pay for insurance.

A. Wall Street's own view of U.S. creditworthiness signals that debt ratings should be closer to BBB+ when looking at credit-default swaps, a popular way investors hedge the risk of a company or a country defaulting on its debts.

Wall Street futures headed lower after a major U.S. retailer blamed its grim forecast on tariff concerns and oil prices rose.

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Wall Street's "fear gauge" shot higher on Wednesday around the time of a closely watched Treasury auction pointing to weaker demand for longer-duration U.S. government debt. The Cboe Volatility Index,

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