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Futures up: Dow 0.02%, S&P 500 0.03%, Nasdaq 0.03%

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MongoDB ( MDB ) soars after raising annual profit forecast

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Cracker Barrel retains logo after social media backlash

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Kohl's gains after annual profit forecast raise

(Updates prices throughout, adds results from Kohl's, J.M.

Smucker)

By Johann M Cherian and Sanchayaita Roy

Aug 27 (Reuters) - U.S. stock index futures were flat on

Wednesday as investors awaited AI leader Nvidia's ( NVDA ) earnings,

expected to test the momentum of Wall Street's broader

technology-led rally.

The chip major was at the forefront of the market recovery

after April's lows, crossing the $4-trillion market

capitalization mark in July to become the world's largest

company as investors continued to bet on the global demand for

artificial-intelligence infrastructure.

The company's results come when traders have been worried

the tech sector - which makes up nearly 50% of the S&P

500 - might be overvalued. Valuations of the benchmark

index are well above long-term averages, according to data

compiled by LSEG.

The concerns weighed on technology stocks last week, after

OpenAI CEO Sam Altman spoke of a potential bubble and a study

from the Massachusetts Institute of Technology showed AI tools

boosted individual productivity, not corporate earnings.

Shares of Nvidia ( NVDA ) edged up 0.7% in premarket trading

and its earnings are expected after markets close. Options

traders are pricing in about a $260-billion swing in the

chipmaker's market value after the results.

The impact of the Sino-U.S. trade war on the company's

significant China business earlier this year will be closely

watched, along with how its recent revenue-sharing deal with the

U.S. government will affect forecasts.

"In the same way Apple symbolized the smartphone era, Nvidia ( NVDA )

now defines the AI era. The stock has become the heartbeat of

the market," said Josh Gilbert, market analyst at eToro.

"Regardless of whether you own Nvidia ( NVDA ) shares or not, its

result will impact your portfolio in some way."

At 07:06 a.m. ET, Dow E-minis rose 11 points, or

0.02%, S&P 500 E-minis were up 2 points, or 0.03%, and

Nasdaq 100 E-minis added 8.25 points, or 0.03%.

Microsoft ( MSFT ) and Meta, the chip leader's top

customers, were broadly subdued, while semiconductor stocks

Broadcom ( AVGO ) and Advanced Micro Devices ( AMD ) rose

marginally.

Markets were also stabilizing following an initial decline

on Tuesday, after U.S. President Donald Trump attempted to fire

Federal Reserve governor Lisa Cook.

The move is likely to face legal challenges. If successful,

it could allow Trump to nominate a dovish-leaning official to

the central bank board, posing a challenge to the independence

of the U.S. Federal Reserve.

Investors are pricing in a 25-basis-point interest-rate cut

in September, according to data compiled by LSEG, and most big

brokerages also lean in that direction.

Richmond Fed President Thomas Barkin is scheduled to speak

later in the day and his comments will be scrutinized for his

monetary policy perspectives.

In stocks, MongoDB ( MDB ) jumped 30.7% after the

software-maker raised its annual profit forecast.

Cracker Barrel gained 6.3% after the restaurant

chain said it would stick with its decades-old logo as plans for

a new one faced social media backlash.

J.M. Smucker fell 4.1% after the Jif peanut butter

maker missed first-quarter profit estimates.

Kohl's surged 15% after the U.S. department store

chain raised its annual profit forecast.