US Stock Market Today: Nvidia Surge, Walmart Earnings and Delayed Jobs Report

U.S. stock futures are pointing sharply higher on Thursday, November 20, 2025, as Wall Street digests blockbuster earnings from Nvidia and braces for a long‑delayed U.S. jobs report that could shape the Federal Reserve’s next move on interest rates. ^[1]

Below is a full rundown of what matters before the opening bell.

Futures Signal a Strong Rebound on Wall Street

U.S. equity futures are firmly in the green in early trading:

S&P 500 futures are up roughly 1.3%
Nasdaq 100 futures are ahead by nearly 1.8%
Dow Jones futures are higher by about 0.6% ^[2]

The move follows an overnight global risk‑on rally. In Asia, Japan’s Nikkei 225 jumped about 2.6%, Taiwan’s market gained more than 3%, and South Korea’s benchmark climbed over 2%, with Nvidia’s earnings rippling through the broader AI supply chain. Futures tied to the S&P 500 rose around 1.2–1.3% during Asian trading hours, while European equity futures are also pointing higher. ^[3]

The U.S. dollar index is hovering near a two‑week high and 10‑year Treasury yields are edging up to around 4.14%, underscoring that the “risk‑on” mood is colliding with expectations of fewer or later Fed rate cuts. ^[4]

Nvidia Earnings Spark an AI Relief Rally

The single biggest driver of Thursday’s pre‑market tone is Nvidia.

What Nvidia reported

Nvidia’s latest quarterly results blew past Wall Street expectations on both earnings and revenue, and the company issued a revenue forecast for its current quarter that came in well above analyst estimates. ^[5]

Management guided fiscal‑Q4 sales to around $65 billion, fueled by sustained demand for its AI chips from major cloud providers and hyperscalers, and pushed back on the idea that the AI boom is merely a bubble. ^[6]

Market reaction

Nvidia shares jumped more than 5% in after‑hours trading following the release. ^[7]
The strong report lifted other AI and chip names and helped global tech stocks rally, from TSMC and Samsung in Asia to U.S. AI leaders in pre‑market trade. ^[8]

The report matters because Nvidia has become the key barometer for AI enthusiasm and equity valuations. After several sessions of selling driven by worry that AI stocks had run too far, too fast, Nvidia’s “beat and raise” is being read as confirmation that underlying demand remains strong, at least for now. ^[9]

Yesterday on Wall Street: Modest Gains, Big Questions

Wednesday’s regular session on November 19 ended with modest gains for the major averages, snapping multi‑day losing streaks:

Dow Jones Industrial Average: +0.1%
S&P 500: +0.4%
Nasdaq Composite: +0.6% ^[10]

Key takeaways from the prior session:

Tech led the rebound, helped by expectations ahead of Nvidia’s earnings.
Target shares fell nearly 3% after reporting another drop in sales and signaling continued pressure on discretionary spending. ^[11]
Walmart slipped about 0.8% ahead of its own earnings report, scheduled for this morning. ^[12]
Fed minutes from recent meetings showed policymakers remain cautious that cutting rates too aggressively could undermine progress against inflation, prompting a brief pullback in intraday gains. ^[13]

Put together, Wednesday’s action looked like what it was: a tentative bounce in a market that has been wrestling with AI valuations, a patchy consumer backdrop, and uncertainty about Fed policy.

Delayed September Jobs Report Takes Center Stage

The U.S. labor market is back in focus this morning, but with a twist: the data are arriving late and incomplete.

What’s happening with the jobs data?

The Bureau of Labor Statistics (BLS) will finally release the September employment report at 8:30 a.m. ET today, November 20, after a roughly seven‑week delay caused by a 43‑day federal government shutdown. ^[14]
The October jobs report has been canceled entirely because BLS could not collect key household survey data during the shutdown; that data can’t be reconstructed after the fact. ^[15]
Instead, the October payroll figures will be folded into the November jobs report, now pushed back to December 16—after the Fed’s December 9–10 policy meeting. ^[16]

Economists expect the delayed September report to show moderate job growth, with nonfarm payrolls rising around 50,000 and the unemployment rate holding near a four‑year high around 4.3%, signaling a cooling but not collapsing labor market. ^[17]

Why it matters for markets

Because the Fed will go into its final 2025 meeting with less real‑time labor data than usual, today’s report is unusually important:

Bond traders say the print could reinforce or challenge shrinking expectations for near‑term rate cuts, which have already “crumbled” in recent days as investors accept the possibility of rates staying higher for longer. ^[18]
Equity markets are watching whether the data show a controlled cooling (good for soft‑landing hopes) or something closer to a stall, which would raise recession worries.

A Heavy U.S. Economic Calendar Before and After the Open

Beyond the headline jobs report, Thursday’s U.S. calendar is packed: ^[19]

Key times (all Eastern):

8:30 a.m. –
- Employment Situation (September, delayed)
- Unemployment rate
- Initial jobless claims and continuing claims
- Building permits data
- Import and export price indices
10:00 a.m. –
- Existing home sales for October, a key gauge of housing market health. ^[20]
Regional manufacturing data (Philadelphia Fed index) and related commentary will also shape the narrative around U.S. industrial activity and post‑shutdown momentum. ^[21]

For traders, the takeaway is simple: volatility around 8:30 a.m. ET could be elevated, and a second wave of repricing may follow the housing data later in the morning.

Retail in the Spotlight: Walmart Headlines a Busy Earnings Slate

Walmart: A critical read on the American consumer

Walmart (WMT) is the marquee report before the bell and arguably today’s single most important corporate release beyond Nvidia. ^[22]

Analysts expect:

Revenue of about $177.5 billion, roughly 4.7% higher than a year ago
Earnings of around $0.60 per share, up modestly from last year
U.S. same‑store sales growth of roughly 3.9% ^[23]

Because Walmart serves more than just high‑income shoppers, its results often act as a real‑time barometer of consumer health, especially in an environment where inflation and higher borrowing costs have squeezed budgets.

Key questions investors will focus on:

Is Walmart still gaining share from weaker rivals like Target?
How resilient are grocery and essential‑goods sales versus discretionary categories?
What does management say about holiday‑season traffic and promotions?

Target, Lowe’s and TJX set the tone

Thursday’s Walmart results land against a backdrop of mixed retail and consumer signals:

Target (TGT) reported another drop in same‑store sales (~2.7%) and softer traffic, continuing a multi‑quarter rough patch and prompting a narrowed profit outlook. ^[24]
Target shares fell around 3% on Wednesday as investors digested the weaker demand picture. ^[25]
Lowe’s (LOW) delivered an earnings beat, with adjusted EPS around $3.06 vs. estimates just under $3.00, and raised its sales guidance despite ongoing housing and rate headwinds; the stock jumped about 4%. ^[26]
TJX Companies (TJX), parent of T.J. Maxx and Marshalls, reported 5% comparable‑sales growth, higher net income, and lifted its full‑year forecast, underscoring the continued appeal of off‑price retail as consumers hunt for bargains. ^[27]

Taken together, these results suggest a two‑speed consumer: value‑focused and still spending on essentials and deals, but cautious on discretionary items and higher‑ticket purchases.

Other names reporting before the bell

Beyond Walmart, investors will also parse a busy pre‑market earnings slate, including: ^[28]

NetEase (NTES) – Chinese gaming and cloud services
Jacobs (J) – engineering and professional services
Vipshop (VIPS) – Chinese online discount retailer
Construction Partners (ROAD) – infrastructure and construction
Maximus (MMS) – government services
Bath & Body Works (BBWI) – specialty retail and consumer discretionary
Warner Music Group (WMG) – music and entertainment
VNET Group (VNET) – Chinese data‑center operator
Atkore (ATKR) – building products
ZIM Integrated Shipping (ZIM) – global container shipping

While none carries Nvidia‑level market cap, collectively they will color sentiment on consumer demand, infrastructure spending, media, and trade.

Key Themes and Sectors to Watch at the Open

1. AI and semiconductor stocks

Expect attention on Nvidia, AMD, TSMC, and broader AI hardware names, with traders watching whether the post‑earnings surge extends or fades at the open. ^[29]
The broader question: did Nvidia’s guidance simply spark a short‑covering rally, or does it mark the end of the recent AI correction driven by valuation fears? ^[30]

2. Big tech and “Magnificent Seven”

Indices are now heavily concentrated in a handful of mega‑caps. Nvidia’s beat has spillover implications for Alphabet, Amazon, Microsoft, Meta and other AI‑exposed giants, which had been under pressure earlier this month. ^[31]

3. Retail and the U.S. consumer

Walmart’s commentary on consumer behavior, pricing, and inventory will be critical for retail, staples, and big‑box peers. ^[32]
Market reaction in Target, Lowe’s, TJX and Bath & Body Works will help refine the narrative around holiday spending and trade‑down behavior. ^[33]

4. Rate‑sensitive plays

With bond yields nudging higher and rate‑cut odds receding, financials, utilities, real estate investment trusts (REITs), and high‑growth names could see outsized moves depending on how the jobs report and housing data land. ^[34]

5. Housing and construction

Existing home sales, builder sentiment reports and commentary from Lowe’s and Construction Partners will shape views on housing turnover, renovation demand and construction activity in a high‑rate environment. ^[35]

How to Frame Today’s Trading Session

Going into the November 20 open, markets are being pulled by three big forces:

Earnings relief, led by Nvidia, is boosting risk appetite and helping global indices rebound from an AI‑driven sell‑off. ^[36]
Data uncertainty is unusually high: the labor market picture is distorted by a historic shutdown, missing October jobs numbers, and a delayed September report that arrives only hours before the bell. ^[37]
Fed policy expectations are on a knife edge, with bond markets increasingly pricing out aggressive cuts in 2026, but still looking for confirmation in today’s data. ^[38]

For traders and investors, the practical implication is that intraday volatility could be significant, especially if:

The jobs report deviates meaningfully from expectations; or
Walmart’s outlook clashes with the more cautious picture from Target but the more upbeat tone from Lowe’s and TJX.

As always, any decision to trade around these events should consider your risk tolerance, time horizon and diversification; this overview is informational, not investment advice.

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