US STOCKS-Futures drop as bond yields rise; results from Boeing, Coca-Cola awaited

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Futures down: Dow 0.36%, S&P 500 0.14%, Nasdaq 0.22%

Oct 23 (Reuters) - U.S. stock index futures slipped on Wednesday as doubts of a less dovish Federal Reserve lifted Treasury yields, while investors awaited earnings reports from companies such as Boeing, Coca-Cola and Tesla to assess the state of the economy.

At 5:11 a.m. ET, Dow E-minis were down 154 points, or 0.36%, U.S. S&P 500 E-minis were down 8.25 points, or 0.14% and Nasdaq 100 E-minis were down 44.75 points, or 0.22%.

Pressuring stocks, U.S. Treasury yields were trading at three-month highs as markets reassess the size of interest-rate cuts over the next several months against the backdrop of strong economic data.

"It's clear to cross-asset watchers like us that stocks are finally being pulled downward by the rise in yields that has characterized global bond markets since late September," said Thierry Wizman, Global FX & Rates Strategist at Macquarie.

Investors are pricing in about two rate cuts by the end of 2024, according to LSEG data.

Focus was also on earnings reports. Starbucks (SBUX) lost 5.2% in premarket trading after the company suspended its annual forecast on Tuesday and reported revenue and profit declines in preliminary fourth-quarter results.

Tesla will be the first of the so-called "Magnificent Seven" to report results after markets close. Its shares slipped 0.7%, while Coca-Cola and Boeing were trading flat.

Semiconductor company Texas Instruments (TXN) gained 4%, after its third-quarter profit beat forecasts.

Meanwhile, shares of McDonald's slumped 6% after an E.coli infection linked to the company's Quarter Pounder hamburgers killed one and sickened many.

U.S, markets are near record highs, but a combination of earnings, a changing monetary policy outlook and the upcoming U.S. elections will test whether the rally has legs.

While just 21% of S&P 500 companies have reported so far, according to LSEG data, 82% have exceeded earnings estimates.

The Dow Jones and S&P 500 were little changed, while the Nasdaq eked out a slight win in a choppy previous session.

Investors have also focused on the rising chances of a second Donald Trump administration, whose policies for spending and tariff implementation are expected to lift U.S. deficit and inflation.

September home sales data and the Fed's Beige Book are scheduled for release, while Fed officials Michelle Bowman and Thomas Barkin are set to speak later in the day.

(Reporting by Lisa Mattackal in Bengaluru; Editing by Arun Koyyur)