Stock market today: S&P 500, Nasdaq set to slide deeper as tech worries keep investors on edge

Market Overview - US stocks are expected to face further losses, particularly in the tech sector, with S&P 500 futures down approximately 0.2% and Nasdaq 100 futures down about 0.4% [1] - Concerns about stretched valuations in the stock market, particularly following a significant selloff in tech stocks that resulted in a $500 billion loss in value, are weighing on market sentiment [2] Company Earnings and Forecasts - AMD's earnings surpassed estimates but were still considered underwhelming, leading to a decline in its stock price [2] - Qualcomm's upcoming results are anticipated for insights into the AI trade, while McDonald's earnings report is also a key focus [3] - Pinterest's stock dropped over 17% due to tariff-related pressures and challenges in finding growth avenues [5] - SMCI's stock fell 9% after its third-quarter earnings forecast missed Wall Street expectations [6] - Lumentum Holdings saw a 15% increase in premarket trading after reporting third-quarter earnings that exceeded estimates [6] - Novo Nordisk lowered its full-year profit and sales guidance amid competitive pressures in the weight-loss drug market, yet its US-listed shares rose nearly 3% as investors reacted to its quarterly earnings [9] Economic Indicators - The US government shutdown, now the longest in history at 36 days, is causing economic pain and delaying the release of key economic data, increasing focus on private data reports [3][4] - The ADP private payrolls report is expected to provide insights into the labor market, which is crucial for Federal Reserve policy considerations [4] Global Market Impact - Asian markets mirrored the US tech sell-off, with South Korea's Kospi dropping over 6% before recovering to a 3% decline, Japan's Nikkei 225 down 2.8%, and Hong Kong's Hang Seng index slipping 0.5% [10] - Investor enthusiasm for AI spending appears to be waning as fears of inflated valuations spread [10][11] Trade and Legal Developments - The Supreme Court is hearing arguments regarding President Trump's authority to impose tariffs, which could have significant implications for the global economy [5][7]