(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures up: Dow 0.1%, S&P 500 0.3%, Nasdaq 0.4%

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Fed's October meeting minutes due later in the day

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Target ( TGT ) drops after missing quarterly comparable sales

estimates

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Lowe's shares gain on quarterly profit beat

(Updates prices, adds Target ( TGT ) and Lowe's earnings)

By Shashwat Chauhan and Twesha Dikshit

Nov 19 (Reuters) -

U.S. stock index futures edged higher on Wednesday following

sharp early-week losses on Wall Street, as investors set their

eyes on Nvidia's ( NVDA ) earnings which could prove to be a

make-or-break moment for the AI trade.

Nvidia's ( NVDA ) earnings, due after markets close on

Wednesday, are seen as a litmus test for the AI-driven rally

that has pushed markets to record highs this year. But recently

the rising market came under scrutiny on questions around

monetization and circular spending within the industry.

Options data from analytics firm Option Research &

Technology Services (ORATS) showed an implied move of about 7%

for the Nvidia ( NVDA ) stock in either direction after its results.

A Reuters analysis found the options-implied move would

represent the largest one-day market value change following

earnings for the company.

Societe Generale analysts note Nvidia's ( NVDA ) earnings come "at a

juncture of increased fragility over the outlook, with

valuations under pressure as we move closer to year end".

Shares of the AI giant gained 1.4% in premarket trading

after falling about 4.6% in the last two sessions.

Other megacap and growth stocks traded in the flat-to-higher

band, with Alphabet leading gains with a 1.8% rise.

At 7:14 a.m. ET, Dow E-minis were up 56 points,

or 0.12%, S&P 500 E-minis were up 22.75 points, or

0.34%, and Nasdaq 100 E-minis were up 106.75 points, or

0.43%.

Heading into the last leg of the quarterly earnings season,

results from big-box retailer Target ( TGT ) showed a

bigger-than-expected drop in quarterly sales with cash-strapped

U.S. consumers pulling back on discretionary spending. Its

shares dropped 2.1%. Rival Walmart ( WMT ) is scheduled to

report later this week.

Lowe's shares gained 5.2% after the home improvement

retailer posted third-quarter profit above expectations. Rival

Home Depot ( HD ) cut its annual forecasts on Tuesday amid

consumer concerns over cost of living.

Worries over high valuations and dwindling expectations

of a December interest rate cut have weighed on the markets of

late, with the S&P 500 recording its fourth consecutive

day of losses on Tuesday.

As of last close, the U.S. benchmark has dropped nearly 4.4%

from its October peak and stands 12.5% higher on a year-to-date

basis.

Speaking to Bloomberg News on Tuesday, Goldman Sachs Group

President John Waldron said the markets are primed for possible

further declines.

The S&P 500 and the Nasdaq both closed below their 50-day

moving averages earlier this week - an important technical

threshold - for the first time since late April.

Later in the day, minutes from the Fed's October policy

meeting - where the central bank cut rates by 25 basis points -

are on investors' radar.

At least three Fed officials, including New York Fed

President John Williams, are scheduled to speak through the day.

On Thursday, the September U.S. jobs report would be in

focus after being delayed because of the long government

shutdown, but it may do little more than confirm earlier private

market surveys pointing to a cooling labor market.

Before the bell, DoorDash ( DASH ) rose 3% after Jefferies

upgraded its rating on the online food delivery platform to

"buy" from "hold".