<h1>Stocks tumble as rising long-term yields, tariff legal uncertainty, and questions about Fed independence pressure markets and borrowing costs</h1> US equities fell sharply as rising long-term bond yields and policy uncertainty pressured prices, with major technology and consumer firms leading declines. A federal appeals court ruled that the president exceeded legal authority when announcing broad tariffs, though the tariffs remained temporarily in effect; that ruling introduces legal risk and regulatory uncertainty for trade policy and markets. Commentary linking executive pressure on the central bank to diminished Fed independence raised concerns about monetary-policy credibility and future inflation control, which could influence Treasury borrowing costs and fiscal financing needs. Ongoing tariff-related disruption to manufacturing and corporate earnings may affect future regulatory, trade and securities disclosures.