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Nvidia ( NVDA ) results due after market close, Fed mins at 2 pm ET

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Target's ( TGT ) weak results drive shares lower

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TJX lifts annual profit forecast on strong demand

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Analog Devices ( ADI ) rises on upbeat Q3 revenue forecast

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Futures down: Dow 0.21%, S&P 0.18%, Nasdaq 0.02%

(Updated at 8:24 a.m. ET)

By Ankika Biswas and Lisa Pauline Mattackal

May 22 (Reuters) - Wall Street's main indexes were set

for a lackluster open on Wednesday as investors kept to the

sidelines ahead of AI chip leader Nvidia's ( NVDA ) quarterly results and

the Federal Reserve's policy meeting minutes later in the day.

All eyes will be on whether semiconductor bellwether

Nvidia's ( NVDA ) first-quarter results, due after market close,

can meet sky-high expectations and sustain bumper gains recorded

by the company's shares and other AI-related stocks.

Nvidia ( NVDA ) has emerged as the third-largest U.S. company by

market value following a more than 92% surge in its shares this

year and an over threefold jump in 2023.

"The market is looking for a new catalyst, and maybe that

will be Nvidia ( NVDA ). We've come off of a very strong earnings season,

but at current levels, you could be subject to some sort of a

pullback on any disappointment," said Peter Cardillo, chief

market economist at Spartan Capital Securities.

The company's shares were up 0.1% in premarket trading,

after rising more than 3% over the past two days.

Nvidia's ( NVDA ) results will test the strength of Wall Street's

recent bullish run that has carried all three major indexes to

record highs this month, driven by a strong earnings season as

well as renewed hopes for interest-rate cuts and a so-called

soft landing for the U.S. economy.

The tech-heavy Nasdaq and the benchmark S&P 500

closed at fresh record highs on Tuesday.

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.

"The Fed's data-dependent over the next two months or so but

I do see a little bit of a shift in terms of perhaps members

warming up to a rate cut possibly in the fourth quarter or the

very latter part of the third quarter," Cardillo said.

Traders see near 68% odds of the Fed cutting rates in

September by at least 25 basis points, according to CME's

FedWatch Tool.

Home sales data for April, due at 10 a.m. ET, is also on the

radar.

At 8:24 a.m. ET, Dow e-minis were down 83 points,

or 0.21%, S&P 500 e-minis were down 9.5 points, or

0.18%, and Nasdaq 100 e-minis were down 4.25 points, or

0.02%.

Shares of retailer Target ( TGT ) dropped 8.1% on weak

quarterly results and second-quarter forecasts for profit and

comparable sales that were below expectations.

Off-price retailer TJX rose 1.4% after lifting its

annual profit forecast and beating first-quarter sales

estimates.

Chipmaker Analog Devices jumped 5.5% after

forecasting third-quarter revenue above expectations, while

U.S.-listed shares of PDD Holdings ( PDD ) soared 6% as the

e-commerce platform operator beat first-quarter revenue

estimates.

Apparel retailer Urban Outfitters ( URBN ) climbed 2.9%

after first-quarter results surpassed expectations on strong

demand.

Lululemon Athletica ( LULU ) dropped 3.9% after the athletic

apparel retailer announced the departure of Chief Product

Officer Sun Choe.

(Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru;

Editing by Devika Syamnath)