- Posted on October 23, 2024
- News
- By FC Team
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By Lisa Pauline Mattackal and Purvi Agarwal(Reuters) - Wall Street's main indexes moved lower on Wednesday, as worries of a less dovish Federal Reserve lifted Treasury yields, while losses in McDonald's (NYSE:MCD) and Coca-Cola (NYSE:KO) also weighed on investors' minds.U.S. Treasury yields were trading at three-month highs, pressuring stocks as 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's recent rally also contributed to the pullback on the day, Pavlik said.Rate-sensitive growth stocks were hit, with Nvidia (NASDAQ:NVDA) down 1.8% and Apple (NASDAQ:AAPL) off 0.5%, pulling Information Technology stocks 0.6% lower.Tesla (NASDAQ:TSLA) will be the first of the so-called Magnificent Seven companies to report results after market close. Its shares slipped 0.1%.Among the major indexes, the blue-chip Dow underperformed, weighed down by McDonald's. The fast-food chain slumped 6.1% after an E. coli infection linked to its Quarter Pounder hamburgers killed one and sickened many.The broader Consumer Discretionary sector was off 0.7%.Coca-Cola dipped 2.7% after the company reiterated its annual profit growth forecast despite expecting higher revenue. Boeing (NYSE:BA) was up 0.6% in choppy trading even after reporting a quarterly loss of $6 billion owing to a crippling strike.source : investing.com