U.S. stock index futures dipped on Wednesday, following a tech-led selloff on Wall Street, as investors parsed earnings from retailers Target and Lowe's for clues on consumer spending ahead of a key Federal Reserve symposium later this week.

Reports from rival Lowe’s as well as big-box retailers Walmart and Target are due later this week. Intel jumped 6.3% after the chipmaker got a US$2 billion capital injection from Japan’s SoftBank Group. Investors are also waiting for remarks from Fed vice chair for supervision Michelle Bowman, later in the day.

The tech sector was behind much of the market recovery from the April selloff, but investors have started to take stock of the elevated valuations, sending the S&P 500 and the Nasdaq to their worst day in more than two weeks on Tuesday.