Wall Street May Open With Slightly Negative Bias

(RTTNews) - Slightly lower S&P and Nasdaq futures amid valuation concerns indicate a flat to negative start for stocks on Wall Street Wednesday morning.

The S&P futures are down 0.11 percent, and the Nasdaq futures are lower by 0.22 percent, while the Dow futures are up 0.04 percent.

Data on manufacturing and services sector activity in the U.S. in the month of October may provide some direction to the market.

The Institute for Supply Management's report on business activity in the U.S. is also due out today.

Wall Street's major averages closed on a weak note on Tuesday amid concerns about the valuations in tech stocks, which had climbed up sharply in recent sessions amid optimism about artificial intelligence.

The tech-heavy Nasdaq ended down by 486.09 points or 2.0 percent at 23,348.64. The S&P 500 slumped 80.42 points or 1.2 percent to 6,771.55, while the Dow closed lower by 251.44 points or 0.5 percent at 47,085.24.

In overseas trading, Asian stocks closed weak on Wednesday, weighed down by some heavy selling in the tech sector on rising concerns over stretched valuations and AI bubble.

The major European markets are down in negative territory with investors mostly making cautious moves amid concerns about valuations, and uncertainty about global economic growth.