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Indexes down: Dow 0.64%, S&P 500 0.90%, Nasdaq 1.22%

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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 after markets open)

By Twesha Dikshit and Purvi Agarwal

Nov 4 (Reuters) - Wall Street's main indexes slipped to

over one-week lows on Tuesday following warnings of a market

selloff from some big U.S. banks, while an upbeat sales forecast

from AI favorite Palantir ( PLTR ) failed to impress investors.

CEOs 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.

Shares of Palantir Technologies ( PLTR ) slid 8.7% even as

the data analytics company forecast fourth-quarter revenue above

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

past year.

Shares of big tech stocks also slipped, with Nvidia ( NVDA )

down 2.1%, Alphabet losing 1.6% and Microsoft ( MSFT )

off 1%. The information technology sector was the

biggest drag on the S&P 500, down 1.5%.

At 09:45 a.m. ET, the Dow Jones Industrial Average

fell 301.32 points, or 0.64%, to 47,035.36, the S&P 500

lost 62.20 points, or 0.90%, to 6,790.53 and the Nasdaq

Composite lost 291.37 points, or 1.22%, to 23,543.35.

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

was near a two-week high.

Wall Street indexes touched all-time highs and notched solid

gains for 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 pull back after a breakneck rally in AI-related

stocks.

"The market's been moving higher as warranted from an

earnings standpoint, but at some point...it seemed like it was

kind of positioning for a risk-off pullback even on the

slightest disappointment," said Keith Buchanan, senior portfolio

manager at Globalt Investments.

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 have 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 ever, private data has found renewed importance for

investors and the Fed alike, with all eyes on Wednesday's ADP

National Employment numbers.

Markets will also be watching for more clues from Fed

officials for some clarity on how the central bank will handle

the 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 8.6% after the ride-hailing

platform missed quarterly operating profit expectations, while

Henry Schein gained 13.4% after raising its annual

profit forecast.

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

reversed premarket gains to fall 3.5% and 3.1%, respectively,

after their quarterly results.

Declining issues outnumbered advancers by a 4.18-to-1 ratio

on the NYSE and by a 3.97-to-1 ratio on the Nasdaq.

The S&P 500 posted five new 52-week highs and seven new lows

while the Nasdaq Composite recorded 16 new highs and 137 new

lows.

(Reporting by Twesha Dikshit, Purvi Agarwal and Johann M

Cherian in Bengaluru; Editing by Pooja Desai and Arun Koyyur)