U.S. stock futures ticked down Wednesday morning after the major averages incurred a second day of losses, fueled by a decline in NvidiaNasdaq 100 futures shed 0.6%. Futures tied to the Dow Jones Industrial Average slipped 84 points, or about 0.2%. S&P 500 futures declined by 0.3%. In premarket action, Palo Alto Networks shed more than 22% after the cybersecurity company cut its full-year revenue guidanceSolarEdge Technologies lost more than 19%, dropping on weak first-quarter guidance. A slump in Nvidia — which slid more than 4% Tuesday and was off another 1.7% in the premarket Wednesday — weighed on the Nasdaq and S&P 500 as sentiment soured the day before the chip giant is expected to post its quarterly results. Concerns surrounding Nvidia’s high valuation have grown leading up to the company’s earnings announcement, slated for Wednesday after the bell. The stock has soared about 225% over the past year. The broader tech sector is now overvalued, according to Alex McGrath, chief investment officer at NorthEnd Private Wealth. He thinks Tuesday’s sell-off of Nvidia and other big tech names could mean investors are coming to terms with “the greater fool theory” — that is, when overvalued assets continue to rise because there are enough investors willing to pay more, until there aren’t any more left. “People continued to pay higher and higher prices for the tech sector throughout [the rally]. It had to have been a core asset allocation, but as you get longer and longer into this, the biggest question is: When do you start to trim?” McGrath said. “And with the Nvidia action today, I think that’s what you’re seeing.” On Wednesday, Wall Street will also have an eye out for the minutes from the Federal Reserve’s January meeting, seeking further insight on where the central bank stands on rates. This comes on the back of hotter-than-expected economic data the previous week. Other companies slated to announce their quarterly results Wednesday include HSBCWingstop and Analog Devices before the bell. In addition to Nvidia, Etsy will also report its results in the afternoon. In other market news, Amazon shares rose 1% premarket following news that it will replace Walgreens Boots Alliance next week in the Dow. Walgreens shed roughly 3%. During the regular session, the three major averages had slid, dragged lower by tech. The Nasdaq Composite lost 0.92%, while the S&P 500 fell 0.6%. The 30-stock Dow fell 0.17%. U.S. Treasury yields were little changed on Wednesday as investors looked ahead to the release of the minutes from the Federal Reserve’s last meeting. The yield on the 10-year Treasury was more than 1 basis points lower at 4.262%. The 2-year Treasury yield was last down by about 2 basis points to 4.591%. Asia-Pacific markets traded mixed following Wall Street losses Wednesday, while investors assessed Japan’s trade data and souring business sentiment among large manufacturers. Hong Kong’s Hang Seng index jumped as much as 3% before paring gains to 1.86% in its final hour of trade, driven by property, technology and health-care stocks. China’s CSI 300 rose 1.35% to close at 3,456.87. The Nikkei 225 lost 0.26% to close at 38,262.16 after Japanese manufacturers’ business confidence tumbled to -1 in February, compared with the previous month’s reading of 6, according to the Reuters Tankan poll. That marks the first negative reading since last April. South Korea’s Kospi shed 0.17% to end at 2,653.31, while Australia’s S&P/ASX 200 dipped 0.66% to close at 7,608.4. Crude oil futures fell slightly Wednesday as the market waits for further indication of when the Federal Reserve might cut interest rates. The West Texas Intermediate contract for April was down 21 cents, or 0.3%, at $76.79 a barrel. April Brent futures dropped 25 cents, or 0.3%, to $82.09 a barrel. U.S. crude and the global benchmark declined more than 1% on Tuesday as traders took profits after the oil market rallied last week as the Middle East once again appeared on the brink of wider conflict. Gold prices rose on Wednesday as investors looked to the minutes of the Federal Reserve’s latest policy meeting for cues on timing of interest rate cuts, while safe-haven demand buoyed by escalating conflict in the Middle East also lent support. Spot gold was up 0.2% at $2,027.96 per ounce as of 1012 GMT. Prices had climbed to their highest since Feb. 9 earlier in the session. Meanwhile, U.S. gold futures were steady at $2,039.30 per ounce.