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Futures down: Dow 0.3%, S&P 500 0.4%, Nasdaq 0.6%

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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

(Updates prices before the bell)

By Twesha Dikshit and Purvi Agarwal

Nov 7 (Reuters) - Wall Street indexes were poised to

open lower on Friday, and set for sharp weekly declines, as

concerns about the economy and sky-high valuations in the

technology sector soured sentiment.

The three main U.S. indexes ended sharply lower on Tuesday,

with the tech-heavy Nasdaq falling almost 2% 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

either 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.

At 08:44 a.m. ET, Dow E-minis were down 129 points,

or 0.27%, S&P 500 E-minis were down 29.5 points, or

0.44%, and Nasdaq 100 E-minis were down 164 points, or

0.65%

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 but shares fell

tracking general sentiment. Intel ( INTC ) shares were

marginally up 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

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

beat estimates in a quarter.

Block missed third-quarter profit expectations amid

economic uncertainty and intensifying competition in the

payments sector, sending its shares down 14.5%.

ECONOMIC CONCERNS LINGER

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

an information gap, with Federal Reserve policymakers divided on

the best approach for December's policy meeting 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.

On Thursday, data from private companies pointed to layoffs

in October, in contrast to Wednesday's ADP report that showed a

rebound in private jobs.

"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, Expedia ( EXPE ) jumped 13.2% 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 5%.