US pre-open: Futures higher following Nvidia earnings
By Iain Gilbert
Date: Thursday 20 Nov 2025
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Thursday as investors cheered better than expected quarterly earnings from artificial intelligence darling Nvidia.
As of 1215 GMT, Dow Jones futures were up 0.42%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.05% and 1.46% firmer, respectively.
The Dow closed 47.03 points higher on Wednesday, partially bouncing back after a four-day losing streak.
Nvidia posted stronger-than-expected third-quarter results after the close on Wednesday, easing investor concerns over the sustainability of AI-driven demand as it lifted its full-year outlook.
The chipmaker reported Q3 revenues of $57.01bn, up 62% year-on-year and ahead of consensus estimates, while adjusted earnings came in at $1.30 per share, beating forecasts of $1.25, and net income surged 65% to $31.91bn. Nvidia also projected Q4 revenues of roughly $65bn, well above analyst expectations of $61.66bn.
Rostro's Joshua Mahony said: "Yesterday's Nvidia earnings provided enough for the bulls to jump back onboard for another leg higher, with the stock rising 5% after hours. EPS of $1.30 stands well above the $0.81 posted for the same quarter last year. With markets having teetered on the brink of some pretty concerning levels, there is a hope that this report staves off claims of an impending crash owing to questionable valuations based on unlikely eventualities.
"However, the attention paid to those topics certainly raise questions that will continue to cast a shadow over the sector going forward. Energy constraints provide an obvious barrier to maintaining this pace of growth, with the expansion in datacentres meaning that the US needs to build out a huge amount of new power generation that currently isn't in place. Meanwhile, tech companies continue to do deals with eachother, booking future promises as revenues. Michael Burry has claimed that what we are currently seeing is fraud rather than a flywheel, raising question marks over what happens if this net of business arrangements start to unravel."
In terms of Thursday's corporate news, retail giant Walmart reported strong growth in third-quarter revenue and adjusted operating income, leaving the company to raise its full-year outlook for growth in net sales to 4.8% to 5.1% and adjusted operating income to 4.8% to 5.5% as eCommerce was a bright spot again.
On the macro front, September's nonfarm payrolls report, which was delayed by the Federal government shutdown, will be released at 1330 GMT, as will jobless claims data from the Labor Department and the Philadelphia Fed's November manufacturing survey, while October existing home sales figures were slated for release at 1500 GMT and November's Kansas Fed manufacturing activity numbers will follow at 1600 GMT.
Also in focus were minuted from the Federal Reserve's October meeting, released on Wednesday afternoon, which revealed officials were divided over the relative risks posed by inflation and a cooling labour market. While the Federal Open Market Committee approved a second consecutive quarter-point rate cut, the outlook for December remains uncertain, with many participants opposing further reductions this year.
Traders have scaled back expectations for another cut at its 10 December meeting, with futures markets now pricing in a roughly 33% chance of a 25 basis point reduction, down sharply from a month earlier.
Reporting by Iain Gilbert at Sharecast.com
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