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Weak US government bond auction fueled by global borrowing glut fears and a proposed GOP spending bill sent markets tumbling. The S&P 500 fell 1.6%, Dow Jones over 2%, and Nasdaq 1.4%. Increased concerns about central banks keeping interest rates high for longer, amplified by Moody's downgrade of US debt, contributed to the downturn. Higher bond yields signal rising government borrowing costs and inflation risks. International economic concerns in Japan and the UK further exacerbated the situation, raising global worries about government debt repayment abilities.

Prepared by Christopher Adams and reviewed by editorial team.