Nvidia earnings “can dictate the near-term direction of the market,” according to Bank of America strategists.

U.S. stock index futures treaded water on Wednesday as investors awaited Nvidia's quarterly results, seen as pivotal in sustaining the AI behemoth's record rally, while retailer Target's shares fell after a disappointing forecast.

With Nvidia Corp. due to report an unusually complex quarter as the world’s most valuable company, traders are preparing for a potentially mammoth stock swing.

Nvidia shares edged higher in early Wednesday trading as investors looked to the AI chipmaker's third quarter earnings after the closing bell with a focus on its demand outlook into the end of the year and beyond.

Futures tied to Canada's main stock index were muted on Wednesday as investors avoided big bets ahead of chipmaker Nvidia's quarterly results later in the day. December futures on the S&P/TSX index were up 0.