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Futures: Dow up 0.11%, S&P 500 down 0.34%, Nasdaq down

0.67%

Nov 21 (Reuters) - Futures tied to the Nasdaq and the

S&P 500 fell on Friday, with most technology stocks, including

Nvidia ( NVDA ), remaining under pressure following a selloff in the

previous session, as concerns over stretched valuations in the

sector persisted.

Nvidia ( NVDA ) shares dropped 2.8% in premarket trading

after a volatile session on Thursday when the stock swung as

much as 5% higher before closing 3.2% down.

The world's most valuable company surpassed third-quarter

revenue expectations and forecast fourth-quarter sales above

analysts' estimate late on Wednesday, while its CEO dismissed

concerns about an AI bubble.

"Relief around Nvidia's ( NVDA ) results didn't last long as

investors couldn't shake their fears that the AI boom might have

gotten ahead of itself," said Dan Coatsworth, head of markets at

AJ Bell.

"When markets remain on a knife edge, it's inevitable that

some people will want to protect any profits by trimming

positions. That selling behavior is likely to be what's dragging

down markets."

Other chip-related stocks such as Advanced Micro Devices ( AMD )

fell 2.3%, while Broadcom ( AVGO ) was down 1.3%.

Megacap and growth stocks also fell, with Meta Platforms ( META )

down 1.1% and Microsoft ( MSFT ) losing 0.6%.

At 05:15 a.m. ET, Dow E-minis were up 49 points, or

0.11%, S&P 500 E-minis were down 22.25 points, or 0.34%,

and Nasdaq 100 E-minis were down 160.5 points, or 0.67%.

All three main indexes were on track for their worst weekly

drop since March, as worries over soaring valuations in

high-flying technology stocks and dimming prospects of a U.S.

interest rate cut in December hurt sentiment.

The Nasdaq has retreated sharply from its October

peak and is poised for a steep decline in November amid

skepticism over tech monetization prospects, circular spending

within the sector and rising debt issuance.

Consumer discretionary and information technology

sectors are set for a more than 4% drop this week.

Global brokerages were divided over the likelihood of a

December rate cut after Thursday's release of the long-delayed

September jobs report, which marks the last employment reading

before the Federal Reserve's verdict next month.

The Bureau of Labor Statistics plans to skip its October

update and instead combine October and November nonfarm payroll

data in a single report due mid-December.

Traders currently see nearly a 37% chance of a December rate

cut, according to the CME FedWatch Tool.

At least five Fed officials are slated to make public

remarks through the day.

Among other stocks, Gap gained 2.8% after the

apparel maker beat third-quarter comparable sales and profit

estimates.

Cryptocurrency and blockchain-related stocks dropped as

bitcoin and ether hit multi-month lows.

Exchange operator Coinbase Global ( COIN ) fell 2.8% and

Strategy, the largest corporate holder of bitcoin, slid

5.2%.