(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Indexes: Dow up 0.16%, S&P 500 down 0.19%, Nasdaq down

0.45%

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Paramount Skydance ( PSKY ) gains on cost-cut, investment plans

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Japan's SoftBank offloads Nvidia ( NVDA ) shares

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CoreWeave ( CRWV ) drops after trimming annual revenue forecast

(Updates after markets open)

By Twesha Dikshit and Purvi Agarwal

Nov 11 (Reuters) -

The S&P 500 and the Nasdaq dipped on Tuesday as concerns

around elevated technology valuations resurfaced, while markets

closely watched progress toward the end of the longest

government shutdown in U.S. history.

Dampening sentiment, a weekly update of ADP's

preliminary payroll figures showed that private employers shed

an average of 11,250 jobs a week for the four weeks ended

October 25.

"The ADP data misses a significant fraction of the

overall labor market and (does) not provide much of a window

into its health," said Jamie Cox, managing partner for Harris

Financial Group.

"There was such a large relief rally yesterday that

markets are just taking a breather."

On Monday, technology and AI shares rebounded from last

week's steep losses on expectations that the government could

reopen this week, with the prolonged closure weighing on the

economy and contributing to a data blackout.

The Nasdaq posted its largest daily gain since

May 27 and the S&P 500 recorded its biggest one-day

percentage rise since mid October in the previous session.

At 9:37 a.m. ET, the Dow Jones Industrial Average

rose 72.81 points, or 0.16%, to 47,441.44, the S&P 500

lost 12.76 points, or 0.19%, to 6,819.67 and the Nasdaq

Composite lost 105.88 points, or 0.45%, to 23,421.61.

Information technology stocks were the biggest weights

on the S&P 500, down 0.6%. Gains in McDonald's and

Goldman Sachs ( GS ) kept the Dow afloat.

Nvidia ( NVDA ) shares dropped 2.3% after Japanese

technology investor SoftBank Group disclosed that it

had offloaded the rest of its shares in the AI bellwether for

$5.83 billion.

Nvidia ( NVDA )-backed CoreWeave's ( CRWV ) shares dropped 10.8%

after the cloud computing firm trimmed its annual revenue

forecast.

Worries around AI-related companies that have been the

main drivers of the bull market this year persisted as traders

evaluated returns from technology and circular expenditure

within the sector.

FEDERAL RE-OPENING AWAITED

The U.S. Senate on Monday approved a compromise that would

end the shutdown that has disrupted food benefits for millions,

left federal workers unpaid and snarled air traffic.

The bill will head next to the House of Representatives for

approval before being sent to U.S. President Donald Trump for

his signature, with betting markets like Polymarket fully

pricing in a reopening this week.

"The shutdown will be substantively over by Thursday at the

latest, and you will continue to see follow-through from

Monday's rally once the holiday has concluded," Cox added.

Meanwhile, Trump said the U.S. faced an economic and

national security disaster if the Supreme Court ruled against

his use of an emergency powers law to impose sweeping tariffs.

Paramount Skydance ( PSKY ) gained 8.7%, topping the S&P

500, after the newly merged media firm announced more cost cuts

and plans to invest $1.5 billion in its streaming and studio

divisions.

Rocket Lab ( RKLB ) shares jumped 4.7% after the space

company posted record third-quarter revenue.

Occidental Petroleum ( OXY ) gained 3.6% after the shale

producer beat third-quarter profit expectations.

U.S. bond markets were closed for a public holiday.

Advancing issues outnumbered decliners by a 1.66-to-1 ratio

on the NYSE and by a 1.23-to-1 ratio on the Nasdaq.

The S&P 500 posted 14 new 52-week highs and one new low,

while the Nasdaq Composite recorded 29 new highs and 52 new

lows.