US pre-open: Futures higher as markets await Nvidia earnings

US stock futures were pointing to a positive start on Wall Street as investors awaited the results from Nvidia's second quarter after the close, with the giant tech company's performance seen as a bellwether for wider market sentiment.

Nvidia's stock has tripled this 2023 alone – compared with just a 14% increase for the broader S&P 500 – pushing the company's market cap to over $1trn.

Futures on the tech-heavy Nasdaq were up 0.8% in pre-market trade, while the Dow and S&P 500 were rising 0.4-0.5%.

US markets were also clawing back recent losses after a recent sell-off owing to concerns that interest rates will stay elevated for longer, as the Federal Reserve continues to battle stubbornly high inflation.

The Fed's Jackson Hole conference which starts on Thursday will be closely watched for any hints at future policy action.

Meanwhile, housing data is due for release during the session, and is expected to show that new home sales rose to 704,000 in July, after a 2.5% fall to 697,000 in June.

Results from Analog Devices, Kohl’s, Peloton and Williams-Sonoma were also due out on Wednesday, before the opening bell.