Stock market today: US stocks drop and bond yields climb as investors temper expectations for rate cuts

• US stocks edged little connected Wednesday arsenic investors continued to set their outlook for Fed complaint cuts.
• Investors spot a 69% chance nan Fed will trim rates 2 much times successful 2024.
• Traders besides person their oculus connected coming earnings, pinch Tesla connected platform to study aft nan closing bell.

US stocks slumped connected Wednesday arsenic investors tempered their expectations for complaint cuts, sending enslaved yields higher.

Major indexes slipped successful early-morning trading, while Treasury yields moved up. The 10-year Treasury enslaved output roseate 3 ground points to 4.242%, its highest level successful astir 3 months.

The enslaved marketplace has been caught successful a sell-off this week arsenic traders set their views connected nan way of monetary argumentation amid basking economical data, nan imaginable for a Trump triumph adjacent month, and cautious guidance from Fed officials this week.

Investors are pricing successful a 69% chance nan Fed is still connected way to trim rates 2 much times this year, but likelihood for a complaint trim successful January person fallen to 45%, down from 66% a week ago, according to nan CME FedWatch tool.

Investors, meanwhile, are keeping an oculus connected coming firm net reports. Boeing shares slid much than 2% early Wednesday aft nan aerospace patient reported a nonaccomplishment of complete $6 cardinal past quarter.

Tesla shares besides dipped somewhat little arsenic investors readied for Elon Musk's car institution to report net aft nan closing bell.

Earnings play has been disconnected to a beardown commencement truthful far. 79% of S&P 500 companies that person already reported financials person beaten net estimates, according to a FactSet study past Friday.

"The barroom for third-quarter net is low, pinch analysts presently expecting only astir a 3% summation successful S&P 500 net per stock (EPS). That debased barroom and a supportive economical situation points to imaginable upside," LPL Financial wrote successful a note.

MacDonald's banal dropped 6% aft nan Centers for Disease Control and Prevention said an outbreak of E. Coli linked to nan accelerated nutrient chain's 4th pounders led to 1 decease and 10 hospitalizations.

Here's wherever US indexes stood soon aft nan 9:30 a.m. opening doorbell connected Wednesday:

• S&P 500: 5,831.32, down 0.34%
• Dow Jones Industrial Average: 42,666.37, down 0.62% (-262.74 points)
• Nasdaq composite: 18,477.25, down 0.52%

Here's what other is going on:

• Legendary investor Paul Tudor Jones says he's buying golden and bitcoin anterior to nan November election.
• A Trump triumph could substance a semipermanent buying opportunity successful Chinese stocks, according to 1 banal chief.

In commodities, bonds, and crypto:

• West Texas Intermediate crude lipid dipped 1% to $71.03 a barrel. Brent crude, nan world benchmark, was little by 1.01% to $75.27 a barrel.
• Gold slid 0.59% to $2,732.47 an ounce.
• The 10-year Treasury output ticked higher 3 ground points to 4.242%.
• Bitcoin edged little to $66,785.