Stock market today: Dow, S&P 500 and Nasdaq futures fall after tech rally as Treasury yields rise

Constellation Brands (STZ) stock fell 5%, although beer makers Corona and Modelo beat Wall Street profit expectations.

In the second quarter, Constellation Brands reported net revenue of $2.63 billion, above analysts’ expectations of $2.54 billion, according to consensus data from S&P Global Market Intelligence. Adjusted earnings per share of $3.74 also beat estimates of $3.55.

Constellation Brands said off-premises sales, which include drinks sold at grocery and convenience stores, declined, while on-premises sales at restaurants and bars increased.

The same trend occurred for the World Cup in June and July, where on-site volumes were strong, but overall World Cup sales were lower than industry expectations.

The company reaffirmed its full-year adjusted earnings per share guidance of between $11.20 and $11.90. Beer sales continue to fall 1% to a 1% increase, wine sales 1% to a 1% increase and corporate sales 1% to a 1% increase.

Yahoo Finance’s Hamza Shaban writes in today’s Morning Brief newsletter:

It’s a new reality: AI agents are bypassing their sandboxes to access places they’re not supposed to. We have learned to endure (or largely ignore) cyberattacks as part of the cost of doing business, or indeed existing, while connected to the Internet.

But AI agents pose a new dilemma. Rather than bad actors exploring vulnerabilities, using whatever tools they have, agents are sophisticated products of some of the most influential and powerful technology companies in the world.

“Agents going rogue is the biggest risk today. Imagine an agent in your enterprise network gets hacked or hijacked or becomes rogue,” Jay Chaudhry, founder and CEO of Zscaler (ZS), said on Yahoo Finance’s Sozzi Unleashed. “Don’t trust AI agents.”

Every week, it seems, we see sheepish revelations from OpenAI (OPAI.PVT) and co. that his agents “accidentally” hacked something he shouldn’t have.

A society must fight against certain elements of crime. But what if these criminal acts were in part perpetrated by the supposedly honest companies that fuel the S&P 500? Although defending against rogue agents may seem futile, here we are in America, and we can always go on the offensive and throw out the book.

Learn more.

Reuters reports:

The U.S. dollar remained lower on Wednesday after tensions in European bond markets eased and as eyes turned to the release of Federal Reserve minutes and speeches from its policymakers for signals on a possible rate hike.

The euro saw its biggest rise in seven weeks in the previous session as French bond yields fell after the frontrunner in next spring’s presidential election announced plans to cut spending. The yen weakened even after a dovish Bank of Japan board member said he would support interest rate increases.

Later on Wednesday, the US central bank is expected to release the minutes of its September 15-16 policy meeting, during which it raised interest rates to combat inflation. Comments from Fed policymakers appeared less hawkish after lower-than-expected personal consumption expenditures (PCE) and employment data last week.

Learn more.