Stocks declined further on Wednesday as U.S. Treasury yields spiked for a second time this week as congressional leaders vote on a new budget bill that calls for big tax cuts, which could put further pressure on the United States' debt.

The Dow Jones Industrial Average dropped over 800 points as the 30-year U.S. Treasury yield climbed above 5% and the 10-year U.S. Treasury yield rose over 4.5% -- the yields reached these levels earlier in the week after Moody's Ratings downgraded the federal government's sovereign debt late Friday. The S&P 500 Index and Nasdaq Composite also fell 1.6% and 1.4%, respectively.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): -1.61% or -95.85 points to 5,844.61

Dow Jones Industrial Average (DIA  ): -1.91% or -816.80 points to 41,860.44

Nasdaq Composite Index (QQQ  ): -1.41% or -270.07 points to 18,872.64

UnitedHealth Group (UNH  ) also pulled down the Dow on Tuesday after HSBC slashed its price target to a street-low of $270, citing multiple risk factors including the cyberattack of its Change Healthcare unit, criminal and civil probes into its operations, and the sudden exit of CEO Andrew Witty last week. Separately, the Guardian reported Wednesday that the healthcare giant made secret deals with nursing homes to reduce hospital transfers for patients in effort to cut costs.

Consumer sector heavyweights Target (TGT  ) and Lowe's (LOW  ) rounded out this quarter's earnings season for retail stocks on Wednesday, each providing different outlooks towards the evolving macroeconomic landscape in wake of Trump's tariff policies.

Target cut its full-year sales outlook after reporting disappointing first-quarter earnings, citing factors like weaker discretionary spending, tariff uncertainty, and boycotts in response to the company forgoing its previous diversity, equity and inclusion policies. The retailer now expects full-year sales to decline by a low-single digit, compared to its previous outlook for growth of about 1%.

The company also announced leadership changes and the creation of a new role to aid its turnaround efforts, with Chief Operation Officer Michael Fiddelke now overseeing the new Enterprise Acceleration Office. Chief Legal and Compliance Officer Amy Tu and Chief Strategy and Growth Officer Christina Hennington will also depart from the company.

On its earnings call, executives declined to say if Target was going to pass on tariffs to consumers by raising prices, a move rival Walmart (WMT  ) said it was doing last week, but said it will likely need to increase the cost of some items. CEO Brian Cornell told analysts that "pricing is a very dynamic part of our business," noting that the company makes price "adjustments literally each and every week."

Lowe's, on the other hand, reiterated its full-year outlook on Wednesday following its mixed first-quarter results, benefiting from increased sales growth from home professionals. The home improvement retailer expects full-year sales to range between $83.5 billion to $84.5 billion, topping the $83.67 billion posted for fiscal 2024 at the upper end.

CEO Marvin Ellison said the company has been able to adapt to "near-term uncertainty and housing market headwinds" thanks to increased investment in its stores, technology and customer service.

Beyond earnings, Amazon (AMZN  ) CEO Andy Jassy said Wednesday that the company has not seen any consumer spending pullbacks in response to Trump's tariffs.

"We have not seen any attenuation of demand at this point," Jassay said during the company's annual shareholder meeting on Wednesday, adding that the "diversity and the size of our marketplace really helps customers have the best selection of the best prices."

Wall Street came off a weak session on Tuesday, with the S&P 500 snapping a six-day winning streak, as much of the enthusiasm surrounding the initial trade agreement between the U.S. and China faded and uncertainty re-entered markets. However, the S&P 500 is up more than 13% in the past month alone and rests new record highs after erasing all of its tariff-induced losses.

"The upward momentum is slowing as the S&P 500 nears 6,000, but a healthy pause seems more likely than a significant pullback," analysts at Piper Sandler wrote in a note on Wednesday. "However, with the strong breadth improvement from deep oversold levels in our proprietary indicators, we expect minor pullbacks and consolidation to set up as good buying opportunities."