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US Equity Futures Edge Higher Pre-Bell Amid Chip Sector Gains as Traders Await Nvidia Earnings

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US equity futures were edging higher pre-bell Wednesday as traders anticipated Nvidia's (NVDA) fiscal Q1 financial results, expected after the closing bell, amid share gains in the broader chip sector.

Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.7% higher.

Investors look forward to Nvidia's earnings for key information on trends in artificial intelligence and the demand for chips. The company's stock was up 1.6% in premarket activity.

Traders digested the latest round of earnings, with Analog Devices (ADI) posting higher fiscal Q2 adjusted earnings and revenue.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3.9% at $107.67 per barrel and US West Texas Intermediate crude 3.3% lower at $100.96 per barrel.

The Atlanta Fed Business Inflation Expectations survey for May is scheduled for release at 10 am ET. The Federal Reserve will release the minutes of its most recent policy meeting at 2 pm.

Fed Governor Michael Barr is slated to speak on Wednesday.

In other world markets, Japan's Nikkei closed 1.2% lower, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.2% lower. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.

In equities, gains of major chip firms AMD (AMD), Micron Technology (MU), and Intel (INTC) helped propel the wider semiconductor sector. AMD stock was up 2.4%, Micron shares rose 3.8%, and Intel stock was up 4.8%.

On the losing side, Lowe's (LOW) stock was down 1.2% despite reporting higher fiscal Q1 adjusted earnings and sales. Energy firms Exxon Mobil (XOM), BP (BP), and Equinor (EQNR) saw their stocks drop as oil prices declined. Exxon Mobil shares were down 0.9%, BP stock fell 1.1%, and Equinor shares were down 1.6%.

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UAE Shares Slide Ahead of US Fed Meeting Minutes

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