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Futures down: Dow 0.08%, S&P 500 0.1%, Nasdaq 0.2%

Nov 7 (Reuters) - U.S. stock futures struggled for

traction on Friday, after a wobbly week for Wall Street amid

concerns about the economy and sky-high valuations in the

technology sector.

The three main U.S. indexes ended sharply lower in the

previous session, with the tech-heavy Nasdaq falling

almost 2% after Wall Street executives earlier this week warned

a market correction could be on the way.

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.

"Markets are grappling with the excitement surrounding how

impactful (and ideally profitable) these technologies could be

in the future, tempered by the concern that the expectations

implied by current valuations are too high," said Thomas Shipp,

LPL Financial's head of equity research.

At 06:02 a.m. ET, Dow E-minis were down 27 points,

or 0.06%, S&P 500 E-minis were down 6.25 points, or

0.09%, and Nasdaq 100 E-minis were down 39.25 points, or

0.16%.

Tesla gained 0.7% in premarket trading after

shareholders approved the largest corporate pay package in

history for Musk, signaling confidence in his vision to morph

the EV maker into an AI and robotics juggernaut.

Intel ( INTC ) shares added 1.6% after Musk said it could be

'worth having discussions' with the company to make chips.

With third-quarter earnings season in its final stretch,

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

far have beaten Wall Street expectations, according to

Thursday's LSEG data.

This is the highest rate of better-than-expected results the

since second quarter of 2021. Typically, 67% of companies beat

estimates in a quarter.

Peloton Interactive ( PTON ) shares 7.9% after the fitness

products maker reported first-quarter revenue above estimates.

Sandisk ( SNDK ) shares added 6.4% after first-quarter

results. Shares of other data storage companies also rose.

Block missed third-quarter profit expectations amid

economic uncertainty and intensifying competition in the

payments sector, sending its shares down 14.1%.

ECONOMIC CONCERNS LINGER

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

data hole with Federal Reserve officials and traders alike

having to depend on private sector indicators to gauge the

health of the economy.

On Thursday, data from executive outplacement firm

Challenger pointed to a surge in October layoffs, while

workforce analytics company Revelio Labs showed the U.S. economy

shed 9,100 jobs last month, leading to renewed concerns about

the labor market.

With the data-dependent Fed flying blind before December's

policy meeting, policymakers are divided on the best approach

with inflation worries lingering.

Traders are currently pricing in a 65% chance of a

25-basis-point rate cut in December, lower than last month's

82%, according to CME Group's FedWatch tool.

Among other moves, Expedia ( EXPE ) jumped 16.6% after the

online travel platform boosted its forecast for full-year

revenue growth and posted third-quarter profit above

expectations.

Take-Two Interactive delayed its popular video game

GTA VI to November 2026, sending shares falling 4.5%.