Traders work on the floor of the New York Stock Exchange (NYSE) on May 15, 2024 in New York City, USA.
Brendan McDiarmid | Reuters
Stock futures fell on Tuesday evening after the S&P 500 index posted its first consecutive loss since early September.
futures linked to Broad market index It fell nearly 0.2%. dow futures While it fell by 159 points (0.4%), Nasdaq 100 futures It fell 0.2%.
In after-hours activities, mcdonaldsIt fell about 7%. The U.S. Centers for Disease Control and Prevention said 10 people were hospitalized and one person died after an E. coli outbreak linked to the fast food giant's Quarter Pounder burger. starbucks The company fell about 4% after the coffee chain released preliminary quarterly results showing sales declining again.
In normal transactions, S&P500 and Dow Jones Industrial Average Both recorded slight declines. of Nasdaq CompositeHowever, it rose by about 0.2%.
of 10 year government bond yield The stock price has been on an upward trend recently, rising above 4.2% at one point on Tuesday, and the stock remains under pressure.
Strong economic data and concerns about the budget deficit are driving the 10-year Treasury yield higher, even though the Fed cut interest rates by half a percentage point in September. Traders are also growing concerned that central bank policymakers may be reluctant to cut rates, even though the Fed had expected another half-point cut by the end of the year.
To be sure, the stock market backdrop remains constructive, said Jeff DeGraaf, head of technology research at Renaissance Macro Research.
“Trends remain positive, there's not a lot of short-term momentum, but it's by no means the end of the world,” he told CNBC's “Closing Bell” on Tuesday. “In fact, in many cases, it's the integration that results in a better setup.”
“If you invest today, historically the next three months have never been brighter than they are now at the end of October,” DeGraaf added.
Prominent companies are scheduled to announce their financial results on Wednesday. AT&T, coca cola and boeing While on the deck in front of the bell, tesla and IBM I will share the results after finishing.
