Stock market today: Wall Street opens lower as its recent rally cools some more

NEW YORK — Stocks are opening lower as more momentum comes out of Wall Street’s record-breaking rally. The S&P 500 was 0.3% lower early Wednesday. It’s coming off two small losses since setting an all-time high on Friday. The Dow Jones Industrial Average was down 222 points, or 0.5%, and the Nasdaq composite was 0.5% lower. Starbucks fell 2.1% after reporting weaker sales trends at its U.S. stores. McDonald’s dropped 6.3% after regulators reported that an E.

Coca-Cola reported higher-than-expected revenue in the third quarter as higher prices offset lower sales volumes. Shares of Spirit Airlines took off on reports that the budget airline and Frontier had revived merger talks. Its shares rose 25% before the bell.In Asia, Japan’s benchmark Nikkei 225 slipped 0.8% to close at 38,104.86 as the dollar rose against the Japanese yen.

State media have reported that a state-backed think tank has proposed issuing 2 trillion yuan in special government bonds to create a market stabilization fund aiming to further ease the hidden debt pressures and inject confidence into Chinese markets. U.S. stocks have slowed their record-breaking momentum this week under increasing pressure from rising Treasury yields.

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