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Stock market today: Dow, S&P 500 poised for more losses as Fed rate-cut doubts build

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US stock futures retreated on Tuesday, setting the Dow up for another downbeat day as investors rethought the outlook for interest-rate cuts and braced for the next wave of earnings reports.

Dow Jones Industrial Average futures (YM=F) fell roughly 0.4%, coming off a hefty closing loss. S&P 500 futures (ES=F) also slid 0.4%, and contracts on the tech-heavy Nasdaq 100 (NQ=F) were down 0.5%.

Stocks are coming under pressure amid growing doubts that the Federal Reserve will continue to cut rates aggressively — or even hold steady in November. Strength in the economy, cautious Fedspeak, and concerns about the fiscal impact of an increasingly expected Trump election win are factors in play.

Amid the uncertainty, the 10-year Treasury yield (^TNX) steadied above 4.2% after Monday's sharp gains helped push it above that level for first time since July. The bond selling has weighed on rate-sensitive stocks such as real estate, with rising yields typically a catalyst for stock drawdowns.

General Motors (GM) raised its guidance for the third time this year as upbeat EV sales helped deliver a quarterly profit and revenue beat. GM shares ticked up about 1% in premarket trading. Earnings season picks up pace on Tuesday, with 3M (MMM), Verizon (VZ), and Lockheed Martin (LMT) among the top-tier companies reporting.

At the same time, anticipation is building for earnings from Tesla (TSLA) on Wednesday, as Wall Street debates whether the "Magnificent Seven" tech megacaps will lead stocks' next leg higher.

Despite higher yields, gold (GC=F) prices rose, on track to reclaim Monday's record high. The gains came as investors sought safety with the US presidential election looming and Middle East tensions still on the rise.

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