After dilly-dallying in recent sessions amid anticipation ahead of Nvidia Corp.'s (NASDAQ:NVDA) earnings, market mood is settling in. The index futures were higher in early trading. Nvidia shares have clawed part of their losses seen early in the premarket session and could recover when sell-side analysis starts coming in. Some strong tech earnings could provide the offsetting impact.

The preliminary GDP data due ahead of the market will be parsed by traders for cues on growth and inflation. A speech by a Federal Reserve official is also on traders' radar. More importantly, Friday's consumer price...