Rising Yields Weigh on US Stocks as Meta and McDonald's Take Center Stage

US stock futures are trading lower on Wednesday as Treasury yields climb to their highest since July 2024. The 2-year Treasury yield has reached 4.794%, weighing down market sentiment.

The tech sector is also in focus, with Meta's developer event and KeyBanc's price target hike for the company drawing attention. KeyBanc raised its price target for Meta to $900 from $780, citing investor interest in the Muse app and expanded developer ecosystem.

McDonald's is another key story, as it announces a decade-long franchisee support plan worth around $8.5 billion. The company also sets new financial targets amid US sales weakness driven by inflation and competition.