(Il Sole 24 Ore Radiocor) - Milano, 14 nov - US futures were lower pointing to more losses amid growing concern over valuations and the pacing of interest rate cuts.

Wall Street ended sharply lower yesterday, posting their worst session in more than a month, as tech stocks came under fire. The Dow and the S&P 500 both fell 1.7% while the tech-heavy Nasdaq shed 2.3%.

Concern over the staying power of the AI-fuelled rally continues to hang over markets amid worries the run-up since September could have left valuations frothy. AI darling Nvidia fell 3.6% yesterday and was down another 3% in premarket trade today.

Compounding the uncertainty is growing unease the Federal Reserve may decide to keep interest rates on hold in December given the dearth of economic data released during the 43-day government shutdown.

A swathe of Fed policymakers have issued cautious comments in recent days and yesterday Minneapolis Fed president Neel Kashkari said he had not backed last month's rate cut because he saw signs of a resilient economy, suggesting a cut in December may not be needed.

The CME Group's FedWatch Tool is currently pricing in a chance of 49.6% the Fed will cut rates in December compared to 67% a week ago and 95% a month ago.

On the stocks front shares in Applied Materials were down 6.7% in premarket trade despite topping expectations for earnings as it fell foul of the broader tech selloff. Tesla was down 4.6%.

Shares in Warner Bros Discovery rose 2.9% after a media report Paramount, Comcast and Netflix were preparing to bid for it.

Futures on the Dow Jones were down 285.00 points, or 0.60%, S&P 500 futures were down 60.00 points, or 0.89%, while.

futures on the Nasdaq were down 336.25 points, or 1.34%.

(RADIOCOR) 14-11-25 13:40:59 (0364) 5 NNNN