Stock futures slide after S&P 500 posts first back-to-back decline since early September: Live updates

Published On Oct 22, 2024, 6:02 PM

Stock futures fell after the S&P 500 marked its first back-to-back losses since early September. McDonald's shares dropped significantly after an E. coli outbreak linked to its Quarter Pounder burgers was reported, resulting in hospitalizations and a death. Starbucks also saw a decline due to disappointing preliminary quarterly results. The rising U.S. Treasury yields, influenced by robust economic data and concerns over deficits, continue to pressure stocks. Notable earnings reports are expected soon from several major companies including AT&T, Coca-Cola, and Tesla. Despite current market pressure, some analysts suggest that the backdrop for equities remains positive, citing historical trends around this time of year.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

MCD View MCD chart on TradingView

Negative

Given the recent incidents affecting McDonald's and Starbucks along with rising Treasury yields, which may persist as a concern for investors looking at growth stocks, it is likely we will see continued volatility in these sectors. However, the upcoming earnings reports could potentially lift investor sentiment if results are better than expected.

SBUX View SBUX chart on TradingView

Negative

Starbucks has reported a drop in sales, which could reflect consumers tightening their budgets amid rising inflation. Like McDonald's, it may also face negative sentiment going into its earnings report. If results do not meet market expectations, further declines could follow.

SPY View SPY chart on TradingView

Neutral

Focusing on broader market trends, the S&P 500 could see some sideways movement with potential for recovery in the medium term based on historical patterns. However, near-term directional trends may be influenced by quarterly earnings reports.

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Shares of McDonald's were down 9.2% after the bell. McDonald's has proactively removed the slivered onions and beef patties used for the quarter pounder hamburgers from stores in the affected states while the investigation continues, the company informed the CDC. Quarter pounders in some states may be temporarily unavailable, according to the CDC's statement.

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