"Stock Futures Plummet and Yields Surge, Extending Ongoing Sell-Off"

Stocks slipped lower as a sell-off continued, driven by a downgrade of US credit by ratings agency Fitch. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all opened in the red. Treasury yields surged as investors assessed the impact of the downgrade. Earnings season remained a focus, with Apple and Amazon set to report after the bell. Moderna raised its COVID-19 vaccine sales forecast, while PayPal and Qualcomm stocks plummeted after disappointing earnings. Stock futures were lower as markets looked for a rebound following a challenging session.