By Lisa Pauline Mattackal and Purvi Agarwal

(Reuters) -U.S. stock index futures dipped on Wednesday as Treasury yields rose, driven by concerns of a potentially less dovish Federal Reserve, while investors focused on corporate earnings from Coca-Cola and Starbucks to assess the health of the economy.

Dow E-minis were down 213 points, or 0.49%, S&P 500 E-minis were down 13.75 points, or 0.23% and Nasdaq 100 E-minis were down 78.5 points, or 0.38%.

U.S. Treasury yields were trading at three-month highs, pressuring stocks as markets reassess the size of interest-rate cuts over the next several months against the backdrop of strong economic data.

"It's clear to cross-asset watchers like us that stocks are finally being pulled downward by the rise in yields that has characterized global bond markets since late September," said Thierry Wizman, Global FX & Rates strategist at Macquarie.

Investors are pricing in about two rate cuts by the end of 2024, according to data compiled by LSEG.

In earnings, Starbucks lost 4.7% after the company suspended its annual forecast on Tuesday and reported revenue and profit declines in preliminary fourth-quarter results.

Coca-Cola rose 1.1% in premarket trading after it said it expects annual organic sales at the high end of its previous range.

Tesla will be the first of the so-called Magnificent Seven companies to report results after markets close. Its shares slipped 0.7%.

U.S. markets are near record high levels, but a combination of earnings, a changing monetary policy outlook and the upcoming presidential election will test the sustainability of the recent rally and could add some volatility to markets.

Investors are also focused on the rising chances of a second Donald Trump administration, whose policies for spending and tariff implementation are expected to lift the U.S. deficit and inflation.

While 21% of S&P 500 companies have reported so far, according to LSEG data, 82% have exceeded earnings estimates.

The Dow Jones and the S&P 500 were little changed, while the Nasdaq eked out a slight win in the choppy previous session.

September home sales data and the Fed's Beige Book are scheduled for release, while Fed officials Michelle Bowman and Thomas Barkin are set to speak later in the day. [FED/DIARY]

Meanwhile, semiconductor company Texas Instruments gained 3.1% after its third-quarter profit beat forecasts.

Shares of McDonald's slumped 7% after an E.coli infection linked to the company's Quarter Pounder hamburgers killed one and sickened many.

Qualcomm was down 3.7% after a report said Arm Holdings is cancelling an architectural license agreement that allows the chipmaker to use intellectual property to design chips.