All eyes will be on whether semiconductor bellwether Nvidia's first-quarter results, due after market close, can meet the market's sky-high expectations and sustain a rally in shares of the company and other AI-related stocks.

Nvidia has emerged as the third-largest U.S. company by market value after a more than 92% surge in its shares this year and an over three-fold jump in 2023.

"Despite the stock's incredible recent performance, there's tension in the market, with investors eager to see if Nvidia's impressive momentum from 2023 has carried into early 2024," said Sam North, analyst at investment platform eToro.

"We should note that the bar is set pretty high, and another double-digit beat and raise might be a tall order."

The company's shares were down 0.5% in premarket trading, after rising over 3% over the past two days.

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.

Traders see near 69% odds of the Fed cutting rates in September by at least 25 basis points, according to CME's FedWatch Tool.

At 5:25 a.m. ET, Dow e-minis were down 45 points, or 0.11%, S&P 500 e-minis were down 7 points, or 0.13%, and Nasdaq 100 e-minis were down 15 points, or 0.08%.

Wednesday's subdued moves in index futures follow two sessions of gains that had propelled the tech-heavy Nasdaq and the benchmark S&P 500 to notch record closing highs on Tuesday.

Earnings reports from retailers Target and TJX and chipmaker Analog Devices are due before market open.

Among other premarket movers, apparel retailer Urban Outfitters climbed 6.7% after first-quarter results beat estimates on strong demand.

Lululemon Athletica dropped 4.2% after the athletic apparel retailer announced the departure of Chief Product Officer Sun Choe.