Traders work on the trading floor of the New York Stock Exchange (NYSE) on May 15, 2024 in New York City, the United States.
Brendan McDermid | Reuters
Stock index futures fell late Tuesday after the S&P 500 posted its first consecutive decline since early September.
futures linked Market index It fell nearly 0.14%. Dow Jones Futures fell 152 points, or 0.35%, while Nasdaq 100 Futures down 0.18%.
In the after-hours action, McDonald’sA drop of about 7%. An E. coli outbreak linked to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death, the Centers for Disease Control and Prevention said. Starbucks Shares fell about 4% after the coffee chain released preliminary quarterly results showing another decline in sales.
In regular transactions, S&P 500 Index and Dow Jones Industrial Average Both posted small declines. this Nasdaq IndexHowever, it rose by about 0.2%.
this 10-Year Treasury Bond Yield It has been on an upward trend recently and once exceeded 4.2% on Tuesday, putting pressure on the stock market.
Strong economic data and deficit concerns were among the factors driving the 10-year Treasury yield higher, despite the Federal Reserve cutting interest rates by half a percentage point in September. Traders are also increasingly worried that central bank policymakers may be reluctant to cut interest rates, even though the Fed has forecast another half-percentage point cut by the end of the year.
Jeff deGraaf, director of technical research at Renaissance Macro Research, said that to be sure, the backdrop for the stock market remains constructive.
“The trends are still positive, we don’t have a lot of momentum in the near term, but it’s not the end of the world by any means,” he told CNBC’s “Closing Bell” on Tuesday. “In fact, a lot of times it creates good setups because that’s An integration.”
“With today’s investment, historically speaking, the next three months will be brighter than where we were at the end of October,” deGraaf added.
A slew of big names will report earnings on Wednesday. AT&T, Coca Cola and boeing company on deck before the bell rings, while Tesla and International Business Machines Corporation Results will be shared after the close.
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