Wall Street futures steady after sell-off as investors question big tech valuations

[Wall Street sign with American flag in the background, symbolizing the financial heart of New York.]

Stock index futures were largely flat on Wednesday, a day after Wall Street witnessed a sell-off as the AI-tech rally halted as investors grew worried about some heavy valuations of big tech companies.

S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) and Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) were flat, and Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) +0.1%.

Wall Street's major averages fell on Tuesday, with the Nasdaq shedding the most as AI-related stocks closed in the red despite some positive earnings.

"The last 24 hours have brought a clear risk-off move, as concerns over lofty tech valuations have hit investor sentiment," Deutsche Bank's Jim Reid said.

"Whilst the moves were only one day’s selloff, the market narrative saw a discernible shift, with a growing chorus discussing whether we might be on the verge of an equity correction. That speculation has gathered pace over the last month in particular, mainly because the Magnificent 7 has diverged from the rest of the S&P 500, which has revived questions about how concentrated this equity market now is," Reid added.

There is some economic data to look forward to on Wednesday. The October ADP Employment report will land before the opening bell, and the private payrolls are expected to be up a modest 28K after their decline of 32K in September.

The October PMI Composite Final and the ISM Services Index will be released during market hours. For the former, no revision is expected from the flash at 54.8 for composite and 55.2 for services, and for the latter, forecasters see a slight uptick to 51.0 in October from 50.0 in September.

On the earnings side, AMD (AMD [https://seekingalpha.com/symbol/AMD]) shares fell 3.2% in premarket trade even after the semiconductor company reported third-quarter results and guidance [https://seekingalpha.com/news/4514685-amd-ticks-up-as-q3-results-guidance-top-estimates] that came in above Wall Street's forecast.

Supermicro (SMCI [https://seekingalpha.com/symbol/SMCI]) tumbled 9.6% before the opening bell after reporting [https://seekingalpha.com/news/4514854-supermicro-tumbles-after-800m-q1-revenue-miss-but-q2-revenue-outlook-crushes-estimate-by-2b] its first quarter fiscal 2026 financial results, which fell far short of market expectations, but its revenue outlook crushed estimates.

McDonald’s (MCD [https://seekingalpha.com/symbol/MCD]), QUALCOMM (QCOM [https://seekingalpha.com/symbol/QCOM]), Energy Transfer LP (ET [https://seekingalpha.com/symbol/ET]), and Lucid (LCID [https://seekingalpha.com/symbol/LCID]) among others, will release their results on Wednesday.

Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) has sunk about 20% from a record high that it hit a month ago, pushing the top cryptocurrency into bear market territory.

MARKET SNAPSHOT AS OF NOVEMBER 5, 2025 (4:15 AM ET)

CATEGORY
INSTRUMENT (TICKER)
LEVEL
CHANGE
% CHANGE

INDICES
Dow Futures (INDU [https://seekingalpha.com/symbol/INDU])
47,115.02
+29.78
+0.06%

S&P Futures (SPX [https://seekingalpha.com/symbol/SPX])
6,769.93
−1.62
−0.02%

Nasdaq Futures (US100:IND [https://seekingalpha.com/symbol/US100:IND])
25,428.49
−7.21
−0.03%

TREASURIES
U.S. 2-Year (US2Y [https://seekingalpha.com/symbol/US2Y])
3.57%
−0.012
−0.33%

U.S. 5-Year (US5Y [https://seekingalpha.com/symbol/US5Y])
3.69%
−0.016
−0.43%

U.S. 10-Year (US10Y [https://seekingalpha.com/symbol/US10Y])
4.08%
−0.012
−0.29%

U.S. 30-Year (US30Y [https://seekingalpha.com/symbol/US30Y])
4.66%
−0.010
−0.21%

COMMODITIES
Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR])
3,972.07
+39.92
+1.02%

Silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR])
47.74
+0.58
+1.23%

Crude Oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM])
60.68
+0.12
+0.20%

CRYPTO
Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD])
102,043.43
+464.79
+0.46%

Click to enlarge

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