US open: Stocks rally on Nvidia beat, delayed jobs data
By Iain Gilbert
Date: Thursday 20 Nov 2025
(Sharecast News) - Major indices were in the green early on Thursday as investors cheered better than expected quarterly earnings from artificial intelligence darling Nvidia and digested September's long-delayed nonfarm payrolls report.
As of 1455 GMT, the Dow Jones Industrial Average was up 1.45% at 46,806.27, while the S&P 500 advanced 1.88% to 6,767.21 and the Nasdaq Composite came out of the gate 2.51% firmer at 23,219.77.
The Dow opened 667.50 points higher on Thursday, extending modest gains recorded in the previous session.
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.
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, US non-farm payrolls increased by 119,000 in September, according to the Bureau of Labor Statistics, following August's revised 4,000 decline and well and truly ahead of forecasts of 50,000 for the biggest job gain in five months.September's increase was driven by gains in healthcare, hospitality and social assistance, while declines were seen in transportation, warehousing and federal government roles.
The September jobs report, originally due on 3 October, was delayed by the longest federal government shutdown in US history. The Bureau of Labor Statistics said the October employment report had been cancelled entirely, as household survey data could not be collected during the reference period due to a lapse in appropriations.
Elsewhere, Americans lined up for unemployment benefits at a decelerated pace last week, according to fresh data from the Department of Labor. Initial jobless claims fell by 8,000 to a seasonally adjusted 220,000 in the week ended 15 November, slightly better than consensus forecasts for a smaller drop to 223,000, while continuing claims, which track those still receiving benefits, increased to 1.974m, up from the 1.957m expected by economists for the highest level for insured unemployment since November 2021. The four-week moving average, which aims to strip out week-to-week volatility, came to 224,250, down by 3,000 from the previous week's print. The unemployment rate held steady at 1.3%.
On another note, manufacturing activity in the mid-Atlantic region improved in November, according to the Philadelphia Federal Reserve, though the sector remained in contraction. The headline index rose 11 points to -1.7, beating expectations for a reading of -3.1 and recovering from October's sharp drop. Demand indicators weakened, with new orders plunging to -8.6 for the lowest since April, while shipments turning negative for the first time since May. Employment edged higher, while the average workweek softened. Price pressures persisted, with input costs rising and output prices easing but still above average.
Still to come, October existing home sales figures were slated for release at 1500 GMT, while November's Kansas Fed manufacturing activity numbers will follow at 1600 GMT.
Minutes from the Federal Reserve's October meeting were also in focus early on Thursday, released on Wednesday afternoon, they 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
Dow Jones - Risers
Intel Corp. (INTC) $35.97 2.44%
Apple Inc. (AAPL) $274.95 2.38%
Cisco Systems Inc. (CSCO) $79.25 1.10%
Microsoft Corp. (MSFT) $491.91 0.98%
Dow Jones - Fallers
Amgen Inc. (AMGN) $338.37 -1.18%
S&P 500 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $737.99 5.01%
Broadcom Inc. (AVGO) $369.61 4.29%
Synopsys Inc. (SNPS) $402.37 4.16%
Nvidia Corp. (NVDA) $193.50 3.74%
Advanced Micro Devices Inc. (AMD) $231.90 3.73%
Mattel Inc. (MAT) $19.18 3.28%
Nasdaq Inc (NDAQ) $88.82 3.26%
Apache Corp. (APA) $24.82 3.20%
Alphabet Inc. Class C (GOOG) $302.27 3.17%
Alphabet Inc. Class A (GOOGL) $301.81 3.07%
S&P 500 - Fallers
Micron Technology Inc. (MU) $222.45 -1.54%
Amgen Inc. (AMGN) $338.37 -1.18%
Booking Holdings Inc. (BKNG) $4,651.79 -0.83%
Netflix Inc. (NFLX) $109.24 -0.69%
Biogen Inc (BIIB) $167.12 -0.48%
PepsiCo Inc (PEP) $146.54 -0.39%
LKQ Corporation (LKQ) $29.49 -0.37%
Verisk Analytics Inc. (VRSK) $224.10 -0.34%
Willis Towers Watson Public Limited Company (WTW) $316.60 -0.24%
Sba Communications Corp. (SBAC) $195.70 -0.20%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $737.99 5.01%
Tesla Inc (TSLA) $422.35 4.54%
Broadcom Inc. (AVGO) $369.61 4.29%
Synopsys Inc. (SNPS) $402.37 4.16%
Nvidia Corp. (NVDA) $193.50 3.74%
Alphabet Inc. Class C (GOOG) $302.27 3.17%
Alphabet Inc. Class A (GOOGL) $301.81 3.07%
Illumina Inc. (ILMN) $123.72 3.00%
Intel Corp. (INTC) $36.07 2.73%
Meta Platforms Inc. (META) $605.38 2.55%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $6.84 -2.56%
Micron Technology Inc. (MU) $222.45 -1.54%
Trip.com Group Limited (TCOM) $71.42 -1.43%
Amgen Inc. (AMGN) $338.37 -1.18%
Mercadolibre Inc. (MELI) $2,056.18 -1.01%
Booking Holdings Inc. (BKNG) $4,651.79 -0.83%
Netflix Inc. (NFLX) $109.24 -0.69%
Biogen Inc (BIIB) $167.12 -0.48%
Verisk Analytics Inc. (VRSK) $224.10 -0.34%
Gilead Sciences Inc. (GILD) $127.85 -0.17%
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