长债拍卖遇冷引发恐慌，美股遭遇四月以来最严重抛售

Core Viewpoint - The U.S. Treasury's auction of $20 billion in 20-year bonds was disappointing, leading to a significant sell-off in long-term U.S. Treasuries and raising concerns about future financing costs and fiscal sustainability [1][5]. Group 1: Market Reactions - The U.S. stock market experienced a sharp decline, with the Dow Jones falling by 816.80 points (1.91%), the Nasdaq down by 270.07 points (1.41%), and the S&P 500 dropping by 95.85 points (1.61%), marking the worst single-day performance for the indices since April 21 [2]. - The rise in bond yields, particularly the 10-year Treasury yield reaching 4.61% and the 30-year yield surpassing 5%, has put pressure on stock valuations and increased investor risk aversion [1][2]. Group 2: Economic Concerns - Market sentiment is affected by uncertainties surrounding U.S. fiscal policy, including tariff issues and budget disputes, which have led to a lack of confidence in long-term fiscal sustainability [2][3]. - The ongoing concerns about the U.S. fiscal deficit and the government's ability to support its debt issuance are central to current market anxieties, with implications for economic growth [3][5]. Group 3: Sector-Specific Impacts - Retail sector performance has been weak, exemplified by Target's disappointing earnings report, which caused its stock to drop by 5.21%, contributing to the overall market decline [3]. - The technology sector saw mixed reactions, with Alphabet's stock rising over 2.7% at one point, but overall market sentiment was dampened by concerns regarding fiscal sustainability and bond market performance [3]. Group 4: Alternative Investments - The U.S. dollar showed signs of weakness, with the ICE Dollar Index falling by 0.52%, while gold and Bitcoin prices increased by 0.97% and 0.03%, respectively, indicating a shift towards alternative assets as investors seek to hedge against sovereign credit risks [4].