US pre-open: Small gains expected as Nvidia rebound continues

Stock futures on Wall Street were pointing to yet more gains for the S&P 500 and Nasdaq on Wednesday as the share price of Nvidia continues to rebound after last week's sell-off.

The stock bounced back nearly 7% on Tuesday after dropping 13% over the preceding three sessions, and is on track to rise a further 2% when markets open on Wednesday.

As such, the S&P 500 and Nasdaq were rising 0.14% and 0.30% in pre-market trade, while the Dow slipped 0.05%.

Aside from new home sales data for May due out at 1100 EDT, the economic data calendar was looking relatively sparse, as focus starts to turn to earnings season with releases from Micron Technologies, Levi Strauss and General Mills all due out on Wednesday.

"Equity markets have been driven higher thanks to the incredible 48% gain seen for Nvidia in the month following their May Q1 earnings report," said Joshua Mahony, chief market analyst at Scope Markets.

"However, with the second-quarter earnings season upon us, it is almost time for traders to take stock and seek clarity over whether equity market valuations are currently justified."