Stock futures fell on Wednesday after the S&P 500 posted its first back-to-back loss since early September, while Treasury yields moved higher. Futures linked to the broad-market index lost 0.3%. Dow futures slid 248 points, or 0.6%, while Nasdaq-100 futures dropped 0.4%. Dow member McDonald’s fell more than 6.5% after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death. Starbucks tumbled 3.4% after the coffee chain issued preliminary quarterly results showing that its sales fell again. Also weighing on futures was another uptick in rates. The benchmark 10-year Treasury note yield rose 3 basis points to 4.23%, reaching levels not seen since July. Higher yields put pressure on the S&P 500 and Dow on Tuesday, with both indexes closing slightly lower on the day. The Nasdaq Composite, however, rose about 0.2%. Robust economic data and deficit worries are among the factors behind the rise in the 10-year Treasury yield – despite a half-point rate cut from the Federal Reserve in September. Traders are also growing concerned that central bank policymakers may be less inclined to reduce rates, even as the Fed had forecasted another half-point worth of trimming before the year ends. To be sure, the backdrop for equities is still constructive, according to Jeff deGraaf, head of technical research at Renaissance Macro Researc. “The trends are still positive and we don’t have a lot of near-term momentum, but that’s not the end of the world by any means,” he said Tuesday on CNBC’s “Closing Bell.” “In fact, a lot of times that results in a good setup because it’s a consolidation.” “By investing today, the next three months historically are never brighter than they are here at the end of October,” deGraaf added. The U.S. 10-year Treasury yield rose again on Wednesday as traders digested the latest comments from Federal Reserve officials on the trajectory of interest rate cuts. The yield on the 10-year Treasury rose more than two basis point to 4.2%, reaching levels not seen since late July. At its session high, the benchmark rate traded at 4.24%. That move comes after the 10-year soared 12 basis points on Monday and broke above 4.2% on Tuesday. Meanwhile, the yield on the 2-year Treasury stood at 4.05%, up more than one basis point. It hit a high of 4.065% earlier in the day, a level not seen since Oct. 10. Asia-Pacific markets mostly rose Tuesday, breaking ranks with major Wall Street benchmarks, while Japanese subway operator Tokyo Metro’s stellar market debut boosted investor optimism. Shares of Tokyo Metro soared as much as 47%, and closed 45% higher. Japan’s Nikkei 225 fell 0.8% to end at 38,104.86, while the broad-based Topix dropped 0.55% to close at 2,636.96. South Korea’s Kospi climbed 1.12% and closed at 2,599.62, while the small-cap Kosdaq gained 0.93% higher to close at 745.19. Australia’s S&P/ASX 200 inched 0.13% higher to close at 8,216. Hong Kong’s Hang Seng index was up 1.33% as of its final hour, while mainland China’s CSI 300 rose 0.39% to close at 3,973.2. Oil prices fell on Wednesday after industry data showed U.S. crude inventories swelled more than expected, though futures were still up about 2% this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.30, or 1.71%, to $74.74 a barrel. U.S. West Texas Intermediate crude futures also shed $1.32, or 1.84%, to $70.42 a barrel. Oil had settled higher in the previous two sessions, paring last week’s losses of more than 7%. Those declines stemmed from worries about Chinese demand and some easing concerns around Middle East oil supply being disrupted. Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. Spot gold hit an all-time high at $2749.07, before easing by 0.3% to $2,738.79 per ounce as of 0313 GMT, amid some profit-taking. U.S. gold futures were 0.2% lower to $2,753.40. Gold’s rally comes despite the rival U.S. dollar clinging to a more than two-month peak. Gold and the dollar are enjoying safe-haven buying flows due to event-risks in the form of next month’s U.S. election and ongoing geopolitical risks, Tim Waterer, chief market analyst at KCM Trade, said in a note.