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Indexes down: Dow 0.30%, S&P 500 0.69%, Nasdaq 1.21%

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Tesla shareholders approve $1 trillion CEO pay package

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Expedia ( EXPE ) jumps after annual revenue growth forecast hike

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Take-Two slumps after delaying GTA VI launch

(Updates after markets open)

By Twesha Dikshit and Purvi Agarwal

Nov 7 (Reuters) - Wall Street's main indexes extended

losses to a second session on Friday, and were set for weekly

declines, as concerns about the economy and sky-high valuations

in the technology sector soured sentiment.

The tech-heavy Nasdaq declined almost 2% on Thursday

after Wall Street executives earlier this week warned a market

correction could be on the way.

The S&P 500 and the Dow are both set for their steepest

weekly loss in four, while the Nasdaq is poised for its worst

weekly performance since March.

"There is a continuation of the concern of a possible

pullback... it's traditional early November weakness triggered

by elevated valuations and the running out of catalysts to

support or propel the market," said Sam Stovall, chief

investment strategist at CFRA Research.

Optimism around artificial intelligence has pushed markets

to all-time highs this year, but concerns over monetization of

the technology and circular spending within the industry has

dampened enthusiasm for U.S. stocks in recent days.

Tech stocks such as Nvidia ( NVDA ) and Broadcom ( AVGO )

fell 2.8% and 2.2%, respectively. The information technology

sector and the broader semiconductor index were

set for their biggest weekly declines in seven months.

At 10:01 a.m. ET, the Dow Jones Industrial Average

fell 138.50 points, or 0.30%, to 46,773.80, the S&P 500

lost 46.63 points, or 0.69%, to 6,673.69 and the Nasdaq

Composite lost 278.31 points, or 1.21%, to 22,775.68.

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

hit its highest level in more than two weeks.

Tesla shareholders approved the largest corporate

pay package in history for CEO Elon Musk. Shares fell 3.3%

tracking broader market sentiment and weighed down the consumer

discretionary sector.

On the earnings front, data compiled by LSEG until Thursday

showed 83% of 424 companies in the S&P 500 that have reported

results so far have beaten Wall Street expectations, the highest

rate of better-than-expected results since the second quarter of

2021.

Expedia ( EXPE ) jumped 16% to top the S&P 500 after the

online travel platform boosted its forecast for full-year

revenue growth and posted third-quarter profit above

expectations.

ECONOMIC CONCERNS LINGER

The longest U.S. government shutdown in history has led to

an information gap, with Federal Reserve policymakers divided on

the future of monetary policy as private data paints a mixed

picture of the economy.

The economic impact of the shutdown was far worse than

expected, White House economic advisor Kevin Hassett said in an

interview with Fox Business Network.

Meanwhile, the preliminary reading of the University of

Michigan's Consumer Sentiment Index was 50.3 this month,

compared with estimates of 53.2 according to economists polled

by Reuters.

"The question is, will it exacerbate an economic slowdown

within the U.S.? There is a lot of uncertainty... it's not just

the Fed that is flying blind, it is the American consumer and

investor as well," said Stovall.

Among others, Block slumped 10.5% after missing

third-quarter profit expectations, and Take-Two Interactive

declined 6.6% after delaying its popular video game GTA

VI to November 2026.

Declining issues outnumbered advancers by a 1.29-to-1 ratio

on the NYSE and by a 1.99-to-1 ratio on the Nasdaq.

The S&P 500 posted 8 new 52-week highs and 10 new lows while

the Nasdaq Composite recorded 18 new highs and 211 new lows.