Stock Market Live November 20: S&P 500 (SPY) Exploding with Nvidia
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Just last night, Nvidia posted EPS of $1.30, which beat estimates by four cents. Revenue of $57 billion, up 62.5% year over year, beat by $1.91 billion. Data center revenue of $51.2 billion was up 25% quarter over quarter, and up 66% year over year.
Analysts only expected NVDA to post EPS of $1.25 on $54.83 billion in sales, which would be a 56% jump year over year.
Moving forward, Nvidia expects to generate $65 billion in revenue, which would be above expectations of $61.98 billion.
The S&P 500 is up about 80 points, with the SPDR S&P 500 ETF (SPY) up about 10 points.
The Dow is up about 240 points, with the NASDAQ up by 412.
All thanks to blowout earnings and guidance from Nvidia (NASDAQ: NVDA), which just proved the AI boom is far from over.
Just last night, Nvidia posted EPS of $1.30, which beat estimates by four cents. Revenue of $57 billion, up 62.5% year over year, beat by $1.91 billion. Data center revenue of $51.2 billion was up 25% quarter over quarter, and up 66% year over year.
Analysts only expected NVDA to post EPS of $1.25 on $54.83 billion in sales, which would be a 56% jump year over year.
Even better, CEO Jensen Huang noted, “Blackwell sales are off the charts, and cloud GPUs are sold out,” said Jensen Huang, founder and CEO of NVIDIA. “Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once,” as quoted in the earnings release.
Moving forward, Nvidia expects to generate $65 billion in revenue, which would be above expectations of $61.98 billion.
U.S. Economy Added 119,000 Jobs in September
For September, the U.S. added more jobs than expected.
Non-farm payrolls jumped by 119,000 for the month, up from the 4,000 jobs lost in August. However, the unemployment rate did tick higher to 4.4%, its highest since 2021. Average hourly earnings were up 0.2% for September, and 3.8% year over year.
In addition, the Federal Reserve isn’t sure if more interest rate cuts are needed this year.
There are concerns that the Federal Reserve won’t cut interest rates as aggressively as many thought. Heading into the December 2025 Fed meeting, traders are now pricing in a 50% likelihood of a cut, as compared to the 95% probability we saw last month, as reported by the CME FedWatch Tool.
In short, a rate cut is now just a coin toss – especially with less inflationary and jobs data to draw from heading into the next Federal Reserve meeting. Right now, many of the top Fed officials said no more cuts were needed, as shown in the latest minutes.