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Futures down: Dow 0.11%, S&P 0.13%, Nasdaq 0.08%

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

Wednesday as investors zeroed in on the week's biggest events,

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 the market's 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 0.5% in premarket trading,

after rising over 3% over the past two days.

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 5:25 a.m. ET, Dow e-minis were down 45 points,

or 0.11%, S&P 500 e-minis were down 7 points, or 0.13%,

and Nasdaq 100 e-minis were down 15 points, or 0.08%.

Wednesday's subdued moves in index futures follow two

sessions of gains that had propelled the tech-heavy Nasdaq

and the benchmark S&P 500 to notch record closing

highs on Tuesday.

Earnings reports from retailers Target ( TGT ) and TJX

and chipmaker Analog Devices ( ADI ) are due before

market open.

Among other premarket movers, apparel retailer Urban

Outfitters ( URBN ) climbed 6.7% after first-quarter results

beat estimates on strong demand.

Lululemon Athletica ( LULU ) dropped 4.2% after the athletic

apparel retailer announced the departure of Chief Product

Officer Sun Choe.

(Reporting by Ankika Biswas in Bengaluru; Editing by Devika

Syamnath)