Stock Market Today: Dow Jones underperforms, tech rally lifts Nasdaq futures

• Nasdaq futures post impressive gains as tech stocks rally.
• US economic docket will feature PMI and weekly Jobless Claims data.
• Nvidia Corp. (NVDA) shares are up more than 10% in premarket trading.

Major equity indexes in the US remain on track to open in positive territory following Wednesday's indecisive action. The rally seen in technology shares in premarket trading points to a big jump in tech-heavy Nasdaq Composite, while Dow Jones' upside remains limited.

S&P 500 futures rise 1.25%, Dow Jones futures climb 0.37%, and Nasdaq futures gain 2.03%.

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Wednesday with a 0.13% gain, a 0.13% increase, and a 0.32% fall, respectively.

What to know before stock market opens

• The Technology Sector was the worst-performing major S&P sector and the only one to end in the red on Wednesday, losing over 0.76% on the day. The Energy Sector took the top spot and ended the day up nearly 1.9%.
• EQT Corp (EQT) saw a late break to become the day's top performer on Wednesday, gaining 10.58% and hitting the closing bell at $37.30. On the other hand, Palo Alto Networks Inc. (PAN) shares lost more than 28% to close just below $262.00.
• Nvidia Corp. (NVDA) shares are up nearly 14% in premarket trading after the chipmaker reported that earnings per share topped $5.16 versus the $4.64 forecast, and revenue climbed to $22.10 billion compared to the expected $20.62 billion. The company also said that it forecasts the current-quarter revenue of $24 billion, plus or minus 2%. 
• Read more: Nvidia Stock Earnings: NVDA Q4 results trounce consensus.
• Mizuho has raised the target price for Nvidia stock to $850 from $825, HSBC lifted its target to $880 from $835 and Citigroup revised its expectation to $820 from $575.
• S&P Global will publish the preliminary US Manufacturing and Services PMI reports for February on Thursday. The US economic docket will also feature the weekly Initial Jobless Claims data.
• The Federal Reserve (Fed) said in the Minutes of the January policy meeting that most policymakers noted the risks associated with moving too quickly to ease the policy. Furthermore, the publication showed that officials highlighted uncertainty around how long the restrictive policy stance would be needed.
• Read more: Fed Minutes suggest rates are at their peak.
• Retailer giant Walmart Inc. (WMT) reported an adjusted earning per share of $1.8 ahead of the opening bell on Tuesday. The company said that it expects consolidated net sales to rise in the range of 3%-4% and announced that it will buy smart-TV producer Vizio (VZIO) for about $2.3 billion.
• Home Depot Inc. (HD) said net income in Q4 was $2.8 billion, and the adjusted earnings per share was $2.82. The company, however, said that it projects sales for the fiscal year 2024 to be below estimates, citing slowing demand for discretionary items such as flooring, furniture and kitchen, per Reuters.