US pre-open: Wall Street futures point higher with Nvidia in focus as AI play

Wall Street looked set for a bounce as investors took the latest Fed meeting minutes released overnight in their stride.

"While I do take Fed commentary with a relative pinch of salt - as I believe the plan has always been to remain hawkish and keep financial conditions tight until the last minute and then quickly pivot once success is all but assured - the latter may well indicate that at least a few hikes are planned and any hope of cuts this year are, as communicated, slim," said Craig Erlam, senior market analyst at Oanda.

As of 1227 GMT, futures tracking the Dow Jones Industrials were 103 points higher to 33,182.0, alongside a 21 point rise for those linked to the S&P 500 to 4,020.0.

Nasdaq-100 futures meanwhile were up by 112.75 points at 12,210.25.

The US dollar index was roughly flat, the yield on the benchmark 10-year US Treasury yield was edging up by two basis points to 3.947% and front-dated West Texas Intermediate crude oil futures were advancing 0.78% to $74.72 a barrel on the ICE.

In corporate news, all eyes were on chip-maker Nvidia whose shares were galloping higher by more than 10%.

The company released better-than-expected revenue guidance for the current quarter on the back of demand for artificial intelligence processors.

On the economic calendar for Thursday, at 1330 GMT the Department of Labor would release weekly unemployment claims data.

In parallel, the Department of Commerce was scheduled to publish a second reading for fourth quarter US gross domestic product.