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U.S. equity futures slumped lower in early Tuesday trading, while Treasury yields continued to weaken following yesterday's bond market selloff, as investors pared bets on Federal Reserve rate hikes while bracing for a busy slate of corporate earnings on Wall Street.

Updated at 8:18 AM EDT

Walmart delivers

Walmart  (WMT) shares edged higher in early trading after the retail giant unveiled plans to launch a same-day pharmacy service delivery program from its 4,600 nationwide stores that include a pharmacy unit.

The move could prove to be another blow to companies such as CVS Health CVS and Walgreens WBA, which are closing stores and generating thinner profits amid a big shift in Medicare Advantage payouts.

“Helping customers solve missions is core to everything we do. By combining Pharmacy Delivery into a single order, we're strengthening our commitment to providing everything they need, whenever and wherever they need it,” said Tom Ward, executive vice president and chief eCommerce officer, Walmart U.S. “If you’re sick, we can deliver the necessary medicine along with everything else you need to feel better: cough drops, a heating pad, blanket and orange juice. Walmart’s size, resources and expertise set it apart from other retailers.”

Walmart shares were marked 0.12% higher at $80.91 each, while CVS slipped 0.1% and Walgreens fell 0.6%.

Updated at 6:42 AM EDT

Lots of movers

A trio of earning hit the wires in premarket, with General Motors  (GM)  posting stronger-than-expected third quarter profits and issuing a robust near-term outlook, 3M topping Street forecasts and GE Aerospace posting mixed numbers with modestly light revenues.

General Motors shares were marked 2.9% higher in premarket trading at $50.35 each while rebounding 3M, which is up 48% for the year, added 2.35%. GE shares, meanwhile, slipped 1.15%.

Stock Market Today

Stocks ended mixed on Monday, with a modest decline for the S&P 500, a larger pullback for the Dow Jones Industrial Average and a gain for the tech-focused Nasdaq as bond markets returned to their recent volatility.

Benchmark 10-year Treasury notes yields, which move in the opposite direction of prices, rose 11 basis points on the session, while adding another in overnight trading, and were last marked at a three month high of 4.208% heading into the New York session.

Merrill Lynch's MOVE index, which tracks fixed income volatility and is known as the 'VIX for bonds', is trading at the highest levels of the year and is up nearly 48.6% from its early July lows.