(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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Futures down: Dow 0.06%, S&P 500 0.28%, Nasdaq 0.45%

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SMCI falls after missing Q1 revenue, profit estimates

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Pinterest ( PINS ) slides after downbeat quarterly revenue forecast

(Updates with earnings, prices)

By Twesha Dikshit and Purvi Agarwal

Nov 5 (Reuters) - U.S. stock index futures ticked lower

on Wednesday, as investors retreated from AI-linked stocks for a

second day on concerns over ballooning valuations and awaited

economic data for signs on the health of the U.S. labor market.

The futures, however, pointed to less severe losses at

market open compared with Tuesday when the Nasdaq

tumbled 2% to post its biggest one-day loss in nearly a month.

At 07:01 a.m. ET, Dow E-minis were down 28 points,

or 0.06%, S&P 500 E-minis were down 18.75 points, or

0.28%, and Nasdaq 100 E-minis were down 115.75 points,

or 0.45%.

Wall Street's main indexes were trading at all-time highs in

late October before warnings of a market pullback by U.S. bank

CEOs and bearish views from hedge funds on the AI trade prompted

concerns of a bubble.

"The problem with high valuations is that it's like blue

sky. The moment there's one small black cloud, it is not a blue

sky anymore. So if you have very high valuations, small news,

shifts in sentiment can actually cause markets to come down a

lot," said Herald Van der Linde, head of equity strategy for

Asia Pacific at HSBC.

The benchmark S&P 500 has recently traded at 23.3

times forward earnings, the highest since the start of the

century and well above its 20-year average of 16, according to

LSEG data.

Corporate earnings were also on the radar. Shares of

Advanced Micro Devices ( AMD ), which have more than doubled

this year, dipped 5.2% premarket despite an upbeat forecast.

Super Micro Computer ( SMCI ), also an AI player, slumped

8.5% after the server maker posted quarterly profit and revenue

below Wall Street estimates.

Other big chip companies Nvidia ( NVDA ), Broadcom ( AVGO )

and Intel ( INTC ) also fell.

Health insurer Humana and McDonald's slipped

5.3% and 0.8%, respectively, after their third-quarter results.

There was little reaction in stocks after democratic

socialist Zohran Mamdani was elected as mayor of New York City.

GOVT SHUTDOWN SETS RECORD

With the U.S. government shutdown becoming the longest in

history, the spotlight will be on ADP National Employment

numbers due later in the day to gauge the state of the labor

market.

October employment figures are expected to show an addition

of 28,000 jobs, compared with the prior month's decrease of

32,000 positions.

The data fog has led to debate among Federal Reserve

officials over the monetary policy path and diverging opinions

on how best to handle the gap.

Also on deck will be a Supreme Court hearing on the legality

of U.S. President Donald Trump's tariffs.

China said it would suspend retaliatory tariffs on U.S.

imports following last week's meeting between the countries'

leaders, while 10% levies would be maintained with imports of

U.S. soybeans facing a 13% rate.

Before the bell, Eli Lilly ( LLY ) shares gained 1.7%. The

company's Danish rival Novo Nordisk lowered its fiscal-year

profit and sales forecast.

Pinterest ( PINS ) shares dropped 18.3% after the

image-sharing platform forecast fourth-quarter revenue below

expectations.