US equity futures were 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 rose 1.5% 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 2% at $109.06 per barrel and US West Texas Intermediate crude 1.8% lower at $102.33 per barrel.

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

Fed Governor Michael Barr is slated to speak on Wednesday.