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U.S. equity futures edged higher in early Wednesday trading, while Treasury yields and the dollar resumed their recent climbs, as investors looked to tempered risk from the Russia-Ukraine conflict while they prep for a key earnings release from the world's most-valuable company.

Updated at 6:43 AM EST

Target posts earnings off target

Target shares plummeted in early trading after the retailer posted weaker-than-expected fiscal-third-quarter earnings and issued a muted forecast for the crucial holiday season.

Target, which has been losing market share to Walmart, sees fiscal-fourth-quarter profit in the region of $1.85 to $2.45 a share, well shy of Wall Street forecasts, citing "soft discretionary trends and multiple cost headwinds."

Target shares were marked 20.3% lower in premarket trading immediately following the earnings release to indicate an opening-bell price of $124.

Stock Market Today

Stocks ended higher on Tuesday after an afternoon rally pulled both the S&P 500 and the Nasdaq into positive territory as Russia played down changes to its nuclear doctrine following strikes by U.S.-made missiles from Ukraine.

The unwinding of safe-haven trades, which had pushed U.S. Treasury bond yields sharply lower, was also evident in overnight trading, where bitcoin hit a fresh all-time high and traded north of $94,000 and gold fell around 0.3% per ounce amid the improving sentiment.

Treasury yields were back on the move heading into the New York trading session, with benchmark 10-year notes pegged at 4.418% and 2-year paper changing hands at 4.289%.

On Wall Street the focus will likely shift to a busy corporate-earnings slate, with updates from retailer Target  (TGT)  before the bell and Nvidia  (NVDA)  after the close of trading.

Nvidia, which represents around 7.5% of the weighting of the S&P 500 and around 9% of the Nasdaq, is expected to post a huge 83% surge in overall revenue, which are forecast at $33.1 billion, and to guide investors to double-digit gains on the back of Blackwell GPU demand in the tech giant's fiscal fourth quarter.