US stock market today: Wall Street futures dip as tech slide deepens; Nasdaq set for biggest weekly drop since March – The Times of India

US stock futures edged lower on Friday, setting the stage for a rough weekly finish as worries about economic slowdown and stretched valuations in the technology sector dampened investor sentiment.The three major indexes — the Dow Jones Industrial Average, S&P 500, and Nasdaq, are all on track for steep weekly declines. The Nasdaq, which tumbled nearly 2% on Tuesday, is heading for its worst week since March, while the S&P 500 and Dow are both braced for their biggest weekly losses in four weeks.At 7.30 am ET, Dow futures were down 120 points, or 0.26%, S&P 500 futures slipped 19 points, or 0.27%, and Nasdaq 100 futures fell 90.5 points, or 0.36%.This year’s rally, driven by enthusiasm around artificial intelligence, has sent markets to record highs. But growing skepticism over AI’s profitability and excessive valuations has cooled sentiment in recent sessions.Tesla shares were steady in premarket trading after shareholders approved CEO Elon Musk’s record-breaking pay package. Intel gained 0.8% after Musk hinted at possible discussions to produce chips with the company.Of the 424 S&P 500 firms that have reported third-quarter results so far, 83% have beaten Wall Street expectations, the best showing since mid-2021, according to LSEG data. Typically, about two-thirds of companies surpass estimates.Sandisk shares rose 4% after strong first-quarter earnings, lifting other data storage stocks. However, payments firm Block plunged 15% after missing profit forecasts amid slowing growth and intensifying competition.Meanwhile, the ongoing US government shutdown has created gaps in official economic data, forcing traders and the Federal Reserve to rely on private indicators, which this week painted a mixed picture on jobs and layoffs.