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Indexes down: Dow 0.3%, S&P 500 0.7%, Nasdaq 1.2%

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Henry Schein tops S&P 500 after raising annual profit view

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Uber ( UBER ) slides as Q4 adjusted core profit misses estimates

(Updates prices, analyst comment)

By Twesha Dikshit and Purvi Agarwal

Nov 4 (Reuters) -

Wall Street's main indexes slipped to more than one-week

lows on Tuesday after the CEOs of big U.S. banks warned of a

market selloff, fueling worries of stretched tech valuations,

while an upbeat sales forecast from AI darling Palantir ( PLTR ) did not

impress.

Chief executives of Wall Street heavyweights Morgan

Stanley ( MS ) and Goldman Sachs ( GS ) cautioned that equity

markets could be heading for a drawdown of around 10% to 15%,

underscoring growing concerns over sky-high valuations.

"Any time you have markets propelled to these lofty levels

or seen the trajectory that... (they have) had, any little piece

of news can definitely trigger some sentiment in the other

direction," said Charlie Ripley, senior investment strategist

for Allianz Investment Management.

"You're going to see people looking for little anecdotal

evidence of reasons why they should be reducing risk."

Shares of Palantir Technologies ( PLTR ) slid 7.5%, even as

the data analytics company forecast fourth-quarter revenue above

analysts' estimates. The stock has gained nearly 400% in the

last 12 months.

Big Tech stocks also slipped, with Nvidia ( NVDA ) down

2.3%, Alphabet losing 1.8% and Microsoft ( MSFT ) off

0.7%. The information technology sector was the

biggest drag on the S&P 500, down 1.3%.

At 11:36 a.m. ET, the Dow Jones Industrial Average

fell 161.30 points, or 0.34%, the S&P 500 shed 48.16

points, or 0.70%, and the Nasdaq Composite lost 285.68

points, or 1.20%.

The CBOE Volatility Index, Wall Street's fear gauge,

was near a two-week high.

Indexes touched all-time highs and notched solid gains in

October as quarterly reports from Big Tech companies signaled

surging AI investments, which powered a bull run in U.S.

equities this year.

However, doubts about the circular nature of the spending

and the technology's monetization have resurfaced, causing

investors to retreat after a breakneck rally in AI-related

stocks.

The rally will be under renewed scrutiny with semiconductor

company Advanced Micro Devices ( AMD ) and Super Micro Computer ( SMCI )

reporting after the bell on Tuesday.

Third-quarter earnings have been resilient, with more than

83% of the S&P 500 companies that reported as of Saturday

beating analyst expectations, compared to a long-term average of

67.2%, according to LSEG data.

DATA GAP DIMS DECEMBER RATE-CUT HOPES

With the U.S. government shutdown matching the record for

the longest one ever, private data has found renewed importance

for investors and the Federal Reserve alike, with all eyes on

Wednesday's ADP National Employment numbers.

Recent conflicting commentary from Fed officials indicated

differing perspectives on how to handle the data gap.

Local elections for New York's mayor and governors in New

Jersey and Virginia will also be closely tracked.

Among stocks, Uber ( UBER ) slid 7.4% after the ride-hailing

platform missed quarterly operating profit expectations, while

Henry Schein gained 9.4% after raising its annual

profit forecast.

Spotify ( SPOT ) and U.S.-listed shares of Shopify

reversed premarket gains to fall 2.2% and 3.9%, respectively,

after quarterly results.

Declining issues outnumbered advancers by a 2.19-to-1 ratio

on the NYSE, and by a 2.61-to-1 ratio on the Nasdaq.

The S&P 500 posted nine new 52-week highs and 13 new

lows, while the Nasdaq Composite recorded 37 new highs and 175

new lows.