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Futures up: Dow 0.11%, S&P 500 0.26%, Nasdaq 0.3%

Nov 19 (Reuters) - U.S. stock index futures were

slightly higher on Wednesday, having clocked declines at the

start of the week, with investor focus on Nvidia's ( NVDA ) earnings

later in the day which could prove to be a make-or-break moment

for the AI trade.

Nvidia's ( NVDA ) earnings, which are 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.

Options data from analytics firm Option Research &

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

for the stock in either direction after the 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 inched 0.4% higher 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 at a 1.5% rise.

At 05:14 a.m. ET, S&P 500 E-minis were up 17 points,

or 0.26%, Nasdaq 100 E-minis were up 74 points, or 0.3%,

and Dow E-minis were up 49 points, or 0.11%.

Heading into the last leg of the quarterly earnings season,

results from big-box retailer Target ( TGT ) are due before the

bell on Wednesday. Rival Walmart ( WMT ) is also scheduled to

report later this week.

Concerns over high valuations and dwindling expectations of

a December interest rate cut have hit the U.S. stocks' rally off

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 an expected

25-basis-points - would be on investors' radar.

At least three Fed officials, including New York Fed

President John Williams, are scheduled to speak throughout 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.

Among early moving stocks, DoorDash ( DASH ) rose 2.7% after

Jefferies upgraded its rating on the online food delivery

platform to "buy" from "hold".