US stock futures retreated on Tuesday, setting the Dow up for another downbeat day as investors rethought the outlook for interest-rate cuts and braced for the next wave of earnings reports.

Dow Jones Industrial Average futures (YM=F) fell roughly 0.5%, coming off a hefty closing loss. S&P 500 futures (ES=F) also slid 0.5%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) led the way lower, down about 0.6%.

Stocks are coming under pressure amid growing doubts that the Federal Reserve will continue to cut rates aggressively — or even hold steady in November. Strength in the economy, cautious Fedspeak, and concerns about the fiscal impact of an increasingly expected Trump election win are factors in play.

Amid the uncertainty, the 10-year Treasury yield (^TNX) steadied above 4.20% after Monday's sharp gains helped push it above that level for first time since July. The bond selling has weighed on rate-sensitive stocks such as real estate, with rising yields typically a catalyst for stock drawdowns.

Earnings season picks up pace on Tuesday, with General Motors (GM) the highlight in a rush of reports. 3M (MMM), Verizon (VZ), and Lockheed Martin (LMT) are among the many top-tier results on deck. At the same time, anticipation is building for Tesla's (TSLA) and Boeing's (BA) earnings due Wednesday as both grapple with headwinds.

Despite higher yields, gold (GC=F) prices rose, on track to reclaim Monday's record high. The gains came as investors sought safety with the US presidential election looming and Middle East tensions still on the rise.