Although Nvidia shares are down sharply as they announced a revision to their Q2 and Q3 revenue forecasts, the overall US stock market is shrugging that new off and heading higher in early trading for the week.

A snapshot of the market currently shows:

• Dow industrial average up 254 points or 0.78% at 33058
• S&P index up 35.23 points or 0.85% at 4180.35
• NASDAQ index up 152 points or 1.2% at 12809
• Russell 2000 up 25.77 points or 1.34% at 1947.67

The major indices are moving away (to the upside) from their 100 day moving averages:

• Dow industrial average 100 day moving averages at 32706
• S&P 100 day moving averages at 4116.94
• NASDAQ 100 day moving average is down at 12329.50

Meanwhile Nvidia shares are down sharply. They currently trade at $181.51 down $8.42 or -4.4%.