Nvidia outlook boosts tech, outweighs broader market weakness

With Nvidia earnings now in the rearview mirror, market attention is shifting to Federal Reserve Chair Kevin Warsh's first Jackson Hole speech on Friday. Investors will be looking for clues on how policymakers are interpreting recent inflation data and the Treasury's efforts to keep a lid on rising yields.

Here is a snapshot of where markets stood around 9:52 a.m. ET:

• Nasdaq up ~1%, S&P 500 gains, Dow little changed
• Tech sole S&P 500 sector gainer; staples weakest group
• Euro STOXX 600 index off ~0.5%
• Dollar ~flat; gold slips; U.S. crude gains; bitcoin up ~1%
• U.S. 10-year Treasury yield flat at ~4.66%

The S&P 500 .SPX and Nasdaq .IXIC are trading higher early Thursday after Nvidia's blockbuster forecast renewed enthusiasm for the AI trade and lifted technology shares. The Dow .DJI, meanwhile, is just slightly higher.

Nvidia NVDA.O is rallying more than 6% after the chipmaker delivered a stronger-than-expected outlook, underscoring continued demand for AI computing. Investors appear willing to look past the company's warning that memory component shortages could slow the industry's growth.

Market breadth is skewing negative despite gains in the major indexes. Nearly every S&P 500 sector is in the red, with consumer staples and utilities both down around 1% and among the weakest performers. Technology , up more than 2%, is the lone sector in positive territory.