US stocks fell on Wednesday, with the S&P 500 dropping 0.4%, marking its third consecutive day of losses, while the Dow Jones shed around 260 points, also extending a three-day losing streak. The Nasdaq declined 0.6%.
US stocks fall on Wednesday
Investors continued to digest a series of corporate earnings reports and reassessed expectations for Federal Reserve rate cuts, now anticipating a more cautious approach from the central bank.
Coca-Cola shares fell 2.2%, despite the company exceeding earnings estimates and raising its full-year growth outlook. Starbucks dropped 2.1% after reporting lower net revenue and profit due to weaker U.S. demand. Tesla was mostly flat ahead of its quarterly earnings release scheduled after the market closed.
McDonald's effect
Meanwhile, McDonald's saw its shares plunge 6.3% following news from the U.S. Centers for Disease Control (CDC) that an E. coli outbreak linked to its Quarter Pounder burgers resulted in ten hospitalizations and one fatality. Nvidia also lost 2%.
On the positive side, AT&T rose 0.7% after the company reported stronger-than-expected subscriber growth, providing a rare boost in an otherwise challenging trading session.
