McCarthy, 30, joins the Yankees after going 3-10 with a 5.01 ERA over 18 starts with Arizona this season. He spent the first seven years of his career in the American League with the White Sox, Rangers and Athletics before joining the D-backs last year.
Despite this season's poor numbers, McCarthy has been much better in his past two starts. He gave up one run in seven innings against San Diego on June 27, and then two runs in 5 2/3 innings against Pittsburgh on July 3.
"McCarthy's an experienced starter," Yankees manager Joe Girardi said. "We expect him to pitch well for us and give us distance. I know he's had his struggles, but he's seemed to turn it around. He's got a good arm, and we need him to help us."
McCarthy has also pitched reasonably well against the Yankees' AL East rivals, going 12-10 lifetime with a combined 3.90 ERA against the Red Sox, Orioles, Blue Jays and Rays. That record is his best mark against any of the three AL divisions.
McCarthy's wife, Amanda, tweeted her excitement about the trade.
Haha @BMcCarthy32 you have to shave that nasty thing growing on your face! I WIN- Amanda McCarthy (@Mrs_McCarthy32) July 6, 2014
Nuno, meanwhile, departs New York after going 2-5 with a 5.42 ERA over 17 appearances (14 starts) in 2014. He also went 1-2 with a 2.25 ERA in five outings (three starts) in his debut season a year ago.
"It's been a tough day," Girardi said. "Nuno has done a really good job for us. But it's an opportunity for him to start in Arizona, and I know he appreciates that opportunity as well."
Nuno said he expects to start for the D-backs on Tuesday. A native of National City, Calif., the 26-year-old said the trade will give him a chance to see his family more.
"It's not disappointing," Nuno said. "It's part of baseball. It is what it is. Now I've got another journey in Arizona. A bit closer to home. My family is going to see me a little more."
McCarthy told Arizona reporters he would start for the Yankees on Wednesday, but Girardi was mum on that information, and hinted that New York might bring in a Minor League arm to fill Nuno's start on Monday night.