U.S. equity futures moved higher Wednesday, while the dollar rebounded firmly against its global peers, as investors looked to a key earnings release from the tech sector after the close of trading while slowly shifting focus to Fed Chairman Jerome Powell’s Jackson Hole speech later this week.

Weak manufacturing activity data in both Europe and Asia Wednesday added to upward moves for the U.S. dollar, which has been riding a recent tailwind of higher rate forecasts ahead of Powell’s address to the Federal Reserve’s central bank symposium in Wyoming on Friday. 

Survey data from Germany showed the fastest contraction in business activity in three years over the month of August, sending the euro to an 8-month low of 1.08 against the greenback. S&P Global will publish similar activity data for the U.S. later in the session.

Benchmark 2-year Treasury bond yields, meanwhile, held north of 5% in the overnight session, tracking gains for the dollar, while 10-year notes eased to 4.263% after hitting fresh 2007 highs during yesterday’s trading.

The U.S. dollar index, which tracks the greenback against a basket of its global peers, was marked 0.28% higher at 103.768.

Global oil prices were hit by the softer PMI readings, as well as the firmer dollar, with WTI crude futures for October delivery falling 79 cents to $78.85 per barrel ahead of Energy Department data on domestic crude stock and export levels at 10:30 am Eastern time.

Nvidia  (NVDA) – Get Free Report shares were moving higher ahead of the chipmaker’s highly-anticipated second quarter earnings slated for after the closing bell as investors look to the market leader for key guidance on AI demand.

The larger focus, however, is likely to come from Nvidia’s near-term sales guidance, expected in the range of $12.5 billion for the current quarter and $14 billion for the three months ending in December, which is likely to provide the benchmark for global demand in the rapidly-developing market for AI technology, much of it powered by Nvidia-designed chips. 

Heading into the start of the trading day on Wall Street, futures contacts tied to the S&P 500, which is down 4.4% for the month, are indicating a 22 points opening bell gain while those linked to the Dow Jones Industrial Average suggest a 133 point advance.

Futures tied to the tech-focused Nasdaq are indicating a 100 point opening bell gain, with upside moves blunted in part by higher Treasury yields.