US equity indices finished the day marginally lower yesterday. The S&P 500 fell 0.02%, the Nasdaq 100 declined 0.08%, and the Dow Jones Industrial Average lost 0.21%.

Earlier today, US indices moved higher after an upbeat Nvidia sales outlook reinforced confidence that the rapid expansion of AI spending will persist longer than skeptics feared. Futures on the S&P 500 were up 0.4%, and Nasdaq 100 contracts gained 0.8%, while Nvidia shares jumped 4.7%.

The headline detail in the report was management's 2028 revenue outlook. Chief Financial Officer Colette Kress said the company expects revenue to grow by about 70%, versus roughly 45% baked into analyst models. That gap between the company's guide and market consensus was a central argument against the bubble thesis. Recall that these chips are key components for training and deploying AI models, and doubts about sustainable demand for them were the main driver of the July–August sell-off that pushed the MSCI World Semiconductors index down more than 20% from its June peak.

Reactions in other markets were muted. Treasuries were little changed, European equities rose, and Brent crude extended a four-session decline to about $91.40 per barrel, approaching a three-week low amid talks between Iran and Oman on a temporary maritime corridor. The dollar and most major currencies traded with little movement.

Attention is now shifting to the Jackson Hole economic symposium, where Kevin Warsh will deliver his first major speech as Fed chair. Investors are looking for fresh signals on policy prospects after criticism that his views on the economy have lacked clarity.

A technical picture suggests that buyers' immediate task today is to clear the resistance level of $7,718. That will show strength and open the way to $7,737. Controlling $7,756 would further cement the bulls' position. On the downside, if risk appetite wanes, buyers must defend $7,698. A break there will quickly push the index back to $7,679 and open the road to $7,656.