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Nvidia ( NVDA ) results due after market close

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Target ( TGT ) shares fall after weak results

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Fed minutes expected at 2pm ET

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Futures down: Dow 0.11%, S&P 0.14%, Nasdaq 0.07%

(Updated at 7 am ET)

By Ankika Biswas and Lisa Pauline Mattackal

May 22 (Reuters) - U.S. index futures slipped on

Wednesday as investors exercised caution ahead of AI chip leader

Nvidia's ( NVDA ) quarterly results and the Federal Reserve's policy

meeting minutes due later in the day.

All eyes will be on whether semiconductor bellwether

Nvidia's ( NVDA ) first-quarter results, due after market close,

can meet sky-high expectations and sustain a rally in shares of

the company and other AI-related stocks.

Nvidia ( NVDA ) has emerged as the third-largest U.S. company by

market value after a more than 92% surge in its shares this year

and an over three-fold jump in 2023.

"Despite the stock's incredible recent performance, there's

tension in the market, with investors eager to see if Nvidia's ( NVDA )

impressive momentum from 2023 has carried into early 2024," said

Sam North, analyst at investment platform eToro.

"We should note that the bar is set pretty high, and another

double-digit beat and raise might be a tall order."

The company's shares were down 0.4% in premarket

trading, after rising more than 3% over the past two days.

Nvidia's ( NVDA ) results will test the strength of Wall Street's

recent bullish run that has carried all three major indexes to

record highs this month, driven by a strong earnings season as

well as renewed hopes for interest-rate cuts and a so-called

soft landing for the U.S. economy.

The tech-heavy Nasdaq and the benchmark S&P 500

closed at fresh record highs on Tuesday.

Market participants are also keenly awaiting minutes

from the U.S. central bank's latest policy meeting, due at 2

p.m. ET, for more clarity on the timing of a rate cut. Several

policymakers have reiterated the need to wait for more signs of

easing inflation before cutting rates.

Traders see near 69% odds of the Fed cutting rates in

September by at least 25 basis points, according to CME's

FedWatch Tool.

At 7:00 a.m. ET, Dow e-minis were down 43 points,

or 0.11%, S&P 500 e-minis were down 7.5 points, or

0.14%, and Nasdaq 100 e-minis were down 13.75 points, or

0.07%.

Shares of retailer Target ( TGT ) dropped 8.1% on weak

quarterly results and second-quarter forecasts for profit and

comparable sales that were below expectations.

Apparel retailer Urban Outfitters ( URBN ) climbed 5.8%

after first-quarter results beat estimates on strong demand.

Lululemon Athletica ( LULU ) dropped 4.3% after the athletic

apparel retailer announced the departure of Chief Product

Officer Sun Choe.

(Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru;

Editing by Devika Syamnath)