Wall St eyes lower open as bond yields rise; Starbucks, Coca-Cola dip
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Starbucks down after suspending annual forecast
Coca-Cola sees revenue boost from rising soda demand
Boeing slips after results, contract vote awaited
Texas Instruments gains after Q3 profit beat
Futures down: Dow 0.51%, S&P 500 0.24%, Nasdaq 0.29%
Updated at 8:25 a.m. ET/1225 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 23 (Reuters) - U.S. stock index futures signaled another lower open on Wednesday as Treasury yields ticked up, fueled by concerns of a potentially less dovish central bank, while investors focused on earnings from companies including Coca-Cola and Starbucks.
Dow E-minis 1YMcv1 were down 222 points, or 0.51%, U.S. S&P 500 E-minis EScv1 were down 14.25 points, or 0.24%, and Nasdaq 100 E-minis NQcv1 were down 60 points, or 0.29%.
U.S. Treasury yields were trading at three-month highs, pressuring stocksas markets reassess the size of interest-rate cuts over the next several months against the backdrop of strong economic data.
"When you get a 10-year Treasury at a four and a quarter, it pushes back on the rally in the stock market. Things start to slow down... and people get a little bit nervous," said Robert Pavlik, senior portfolio manager at Dakota Wealth.
"The market has done extremely well in a really short period of time... off the recent lows. That has something to do with it (the declines) as well."
Investors are pricing in about two rate cuts by the end of 2024, according to data compiled by LSEG.
Earnings were in focus, with StarbucksSBUX.O down 3.6% in premarket trading afterthe company suspended its annual forecast on Tuesday and reported revenue and profit declines in preliminary fourth-quarter results.
Coca-Cola KO.N dipped 2.2% after the company reiterated its annual profit growth forecast despite expecting higher revenue, as demand for its sodas and juices increased in the U.S.
Meanwhile, shares of troubled planemaker Boeing BA.N were last down 1% in choppy trading after the company reported a quarterly loss of $6 billion, due to a crippling strike. Factory workers will vote later in the day on a new contract proposal that could end the more than five-week-long standoff.
Tesla TSLA.O will be the first of the so-called Magnificent Seven companies toreport results after market close. Its shares slipped 0.4%.
Sharesof McDonald's MCD.N slumped 6.9% after an E. coli infection linked to the company's Quarter Pounder hamburgers killed one and sickened many.
U.S. markets are near record high levels, but a combination of earnings, a changing monetary policy outlook and the upcoming presidential electionwill test the sustainability of the recent rally and could lead to some market volatility.
Investors are alsofocused on the rising chances of a second Donald Trump administration. If he wins, Trump'spolicies for spending and tariff implementation are expected to lift the U.S. fiscal deficitand inflation.
Of around 21% of S&P 500 companies that have reported so far, 82% exceeded earnings estimates, according to LSEG data.
September home sales data and the Fed's Beige Book are scheduled for release, while Fed officials Michelle Bowman and Thomas Barkin are set to speak later in the day. FED/DIARY
Semiconductorcompany Texas Instruments TXN.O gained 2.9% after its third-quarter profit beat forecasts, while telecom firm AT&T T.N rose 2.8% aftergaining more wireless subscribers than expected in the third quarter.
Qualcomm QCOM.O was down 3% after a report said Arm Holdings ARM.O iscancelling an architectural license agreement that allows the chipmaker to use intellectual property to design chips.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Arun Koyyur and Pooja Desai
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