U.S. stocks fell sharply as details of the White House’s tax plan raised inflation concerns.

The Dow dropped 704 points (1.7%), the S&P 500 lost 1.2%, and the Nasdaq slipped 1%.

Investors fear higher bond yields and borrowing costs due to rising deficits and tariffs.

The 30-year bond yield rose to 5.09%, USA Today has reported.

Oil prices dipped, gold rose nearly 1%, and Bitcoin gained 1.6% after Texas approved a bill to create a state bitcoin reserve.

Written by B.C. Begley