U.S. stock futures fell Tuesday night, Oct. 22, after the S&P 500 posted its first straight loss since early September.
Futures tied to the S&P 500 Index fell nearly 0.2%. Dow Jones Industrial Average futures fell 159 points, or 0.0%, while Nasdaq 100 futures fell 0.2%.
In after-hours trading, McDonald’s shares fell about 7%. The U.S. Centers for Disease Control and Prevention said an E. coli outbreak linked to the company’s Quarter Pounder burgers has sent 10 people to the hospital and killed one. Starbucks fell about 4% after the coffee chain released preliminary quarterly results showing its sales fell again.
During the regular trading session on Tuesday, the S&P 500 and Dow Jones indices recorded marginal declines. However, the Nasdaq Composite Index rose about 0.2%.
The 10-year Treasury yield has been on the rise lately, briefly crossing the 4.2% level on Tuesday and keeping stocks under pressure.
Strong economic data and deficit concerns are among the factors behind the rise in the 10-year Treasury yield — despite a half-point rate cut by the Federal Reserve in September.
Traders are also concerned that central bank policymakers may be less inclined to cut rates, even as the Fed is expected to cut another half-point before the end of the year.
“The trends are still positive and we don’t have a lot of momentum in the near term, but this is by no means the end of the world,” Renaissance Macro Research founder Jeff DeGraaf told CNBC.
“Investing today, the next three months are historically no brighter than where we are here at the end of October,” DeGraaf added.
A host of big names will report earnings on Wednesday, October 23. AT&T, Coca-Cola and Boeing will report before the session opens, while Tesla and IBM will share results after the close.
