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McDonald's drops after E. coli outbreak

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Coca-Cola sees revenue boost from rising soda demand

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Boeing ( BA ) up after results; contract vote awaited

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Texas Instruments ( TXN ) gains after Q3 profit beat

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Indexes down: Dow 0.57%, S&P 500 0.34%, Nasdaq 0.47%

(Updated at 09:54 a.m. ET/1354 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Oct 23 (Reuters) -

Wall Street's main indexes moved lower on Wednesday, as

worries of a less dovish Federal Reserve lifted Treasury yields,

while losses in McDonald's and Coca-Cola also weighed on

investors' minds.

U.S. Treasury yields were trading at three-month highs,

pressuring stocks as markets reassess the size of interest-rate

cuts over the next several months against the backdrop of strong

economic data.

"When you get a 10-year Treasury at a four and a quarter, it

pushes back on the rally in the stock market. Things start to

slow down... and people get a little bit nervous," said Robert

Pavlik, senior portfolio manager at Dakota Wealth.

The market's recent rally also contributed to the

pullback on the day, Pavlik said.

Rate-sensitive growth stocks were hit, with Nvidia ( NVDA )

down 1.8% and Apple off 0.5%, pulling Information

Technology stocks 0.6% lower.

Tesla will be the first of the so-called

Magnificent Seven companies to report results after market

close. Its shares slipped 0.1%.

Among the major indexes, the blue-chip Dow underperformed,

weighed down by McDonald's. The fast-food chain slumped

6.1% after an E. coli infection linked to its Quarter Pounder

hamburgers killed one and sickened many.

The broader Consumer Discretionary sector was off

0.7%.

Coca-Cola dipped 2.7% after the company reiterated

its annual profit growth forecast despite expecting higher

revenue. Boeing ( BA ) was up 0.6% in choppy trading even after

reporting a quarterly loss of $6 billion owing to a crippling

strike.

Factory workers at the troubled planemaker will vote

later in the day on a new

contract proposal

that could end the more than five-week-long standoff.

The Dow Jones Industrial Average fell 246.59

points, or 0.57%, to 42,678.30, the S&P 500 lost 20.11

points, or 0.34%, to 5,831.09 and the Nasdaq Composite

lost 87.92 points, or 0.47%, to 18,485.21.

U.S. markets are near record high levels, but a

combination of earnings, a changing monetary policy outlook and

the upcoming presidential election will test the sustainability

of the recent rally and could lead to some market volatility.

Investors are also focused on the rising chances of a

second Donald Trump administration. If he wins, Trump's policies

for spending and tariff implementation are expected to raise the

U.S. fiscal deficit as well as inflation.

Of the roughly 24% of S&P 500 companies that have

reported so far, 83% exceeded earnings estimates, according to

LSEG data.

The Fed's Beige Book and commentary from Fed official

Thomas Barkin are on the radar on the day.

Meanwhile, Starbucks ( SBUX ) was down marginally after

the company suspended its annual forecast on Tuesday and

reported revenue and profit declines in preliminary

fourth-quarter results.

Semiconductor company Texas Instruments ( TXN ) gained

4% after its third-quarter profit beat forecasts, while telecom

firm AT&T ( T ) rose 1% after gaining more wireless subscribers

than expected in the third quarter.

Qualcomm ( QCOM ) was down 2.7% after a report said Arm

Holdings is canceling Qualcomm's ( QCOM ) license to use

intellectual property to design chips.

Declining issues outnumbered advancers by a 2.28-to-1

ratio on the NYSE, and by a 2.04-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and no new lows,

while the Nasdaq Composite recorded 28 new highs and 27 new

lows.