Newscasts - US Morning Call: Stock futures edge lower ahead of earnings deluge

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_r7nfepwv&referenceId=1_r7nfepwv&pageId=Newscasts Source: 'Reuters - Business videos' Description: Stock futures were under pressure ahead of Wednesday's trading, with U.S. Treasury yields up at three-month highs as traders dial back their expectations for future rate cuts.Third-quarter earnings will be in focus, with nearly 80% of the S&P 500 still to report. Short Link: https://refini.tv/48l8byw Video Transcript: Stocks edge lower ahead of the bell on another mega-day of earnings. Hello, and welcome to your US Morning Call. I am Thomas Warner. Stocks remained under pressure on Wednesday with the US Treasury yields up at three-month highs, as traders dial back their expectations for future rate cuts. They are also hedging their bets ahead of the presidential election on November 5. Banks, brokerages, investment managers, and exchanges are all adding staff, ready to handle an expected increase in volatility. And with nearly 80% of the S&P 500 still to report their Q3 earnings, many equity investors appear happy to wait and see about what is going to happen. Wall Street's major indexes were all set to open lower after ending Tuesday virtually flat. They have been hit ahead of the bell by some bad news from some household names. Starbucks suspended its forecast for the coming year on Tuesday evening after reporting a fall in same-store sales, net revenue, and profit. It is being weighed down by weak demand for its drinks. CEO Brian Niccol is looking to turn around the struggling coffee giant but its shares are down 5% ahead of the bell. McDonald's shares are down 6% pre-market after an apparent E. coli outbreak related to its Quarter Pounders. The US Centers for Disease Control says that at least 49 people have been sickened and one killed by the outbreak, which is centered in Colorado. A livestock trader said that the outbreak could also pressure US cattle futures on Wednesday by threatening demand for beef. Bloomberg reports that Arm Holdings is canceling an architectural license agreement Qualcomm as part of an ongoing legal battle between the two companies. The deal allows Qualcomm to use Arm's intellectual property to design chips. Qualcomm shares fell over 5% in pre-market trading while Arm's US-listed shares were down around 2%. But it is Spirit Airlines whose shares are the most heavily traded this morning. It is up more than 17% after a report in the Wall Street Journal that Frontier Airlines is exploring a renewed bid for the beleaguered carrier. Spirit has been losing money despite strong travel demand and has failed to report a profit in five out of the last six quarters. Bankrupt Tupperware Brands agreed on Tuesday to sell its business to a group of lenders for $23.5 million in cash and over $63 million in debt relief, canceling its plans for an open-market auction of its assets. Turning to commodities, and oil prices were down more than a $1 per barrel in early trade. WTI was trading at around $70.50, following a rise in US crude stocks. And gold hit another new record high at more than $2,750 an ounce, supported by geopolitical uncertainty and the prospect of inflationary policies from whoever is the next US president. And finally, Boeing factory workers will be voting later on a new contract proposal, which could bring an end to a more than five-week-long strike. Voting on Boeing's latest offer will begin at 8:00AM Pacific Daylight Time, that is 1500 GMT, and will close at 5:00PM. That is your US Morning Call.