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Futures: Dow flat, S&P 500 off 0.03%, Nasdaq slips 0.06%

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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 raising annual profit forecast

(Updates before market opens)

By Johann M Cherian and Sanchayaita Roy

Aug 27 (Reuters) -

Wall Street's main indexes were set for a subdued open on

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

are expected to test the momentum of Wall Street's broader

technology-fueled 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.

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 0.4% in premarket trading

ahead of its earnings, 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 the effect of its recent revenue-sharing

deal with the U.S. government on forecasts.

"It seems to be quite challenging to understand what is

the ultimate impact of Nvidia ( NVDA ) in China, because we don't exactly

know if the Chinese are happy with the chips they're getting and

if they are going to continue to buy more," said Phil Blancato,

chief executive officer of Ladenburg Thalmann Asset Management.

Still, Blancato said that he expects the report to

reflect strong demand from the rest of the world for the

company's chips.

At 08:49 a.m. ET, Dow E-minis were down 1 point, or

flat, S&P 500 E-minis lost 1.75 points, or 0.03%, and

Nasdaq 100 E-minis shed 14 points, or 0.06%.

Shares of Microsoft ( MSFT ) and Meta, the chip

leader's top customers, as well as semiconductor stocks Broadcom ( AVGO )

and Advanced Micro Devices ( AMD ), struggled for

direction.

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, with most big

brokerages also leaning in that direction.

Richmond Fed President Thomas Barkin is scheduled to speak

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

on the monetary policy outlook.

In stocks, MongoDB ( MDB ) jumped 29.5% after the

software-maker raised its annual profit forecast.

Cracker Barrel gained 4.8% after the restaurant

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

for a new one faced social media backlash.

Kohl's surged 19.7% after the U.S. department

store chain raised its annual profit forecast.

J.M. Smucker fell 4.3% after the Jif peanut butter

maker missed first-quarter profit estimates.