US Stock Market Updates: US stocks slide lower as tax-cut bill debate weighs on sentiment; Bitcoin hits record high

The U.S. dollar fell for a third day against a range of currencies on Wednesday, as investors worried about the Trump administration’s tax cut and spending bill, with Republicans still divided over the details of the legislation.

The yen strengthened against the dollar, which fell 0.6% to 143.64 yen, extending gains derived in part from a steep rise this week in domestic bond yields.

The yen, along with safe-havens like the Swiss franc and gold, also got a lift after CNN on Tuesday reported that new intelligence gathered by the United States suggests Israel is making preparations to strike Iranian nuclear facilities.

In other currencies, the pound hit its highest since February 2022 after data showed UK consumer inflation flared hotter in April than most economists expected, thereby clipping some of the Bank of England’s scope to cut rates quickly. Sterling was last up 0.4% at $1.3443.