Wall Street Extends Rally Fueled by Nvidia’s Stellar Earnings and Robust Jobs Data
- Why Are Markets Celebrating Nvidia’s Earnings Today?
- How Did September’s Jobs Report Surprise Traders?
- Which Stocks Are Moving Markets Beyond Nvidia?
- What Do the Economic Tea Leaves Suggest?
- Who’s Making Headlines in Corporate America?
- FAQs: Your Burning Market Questions Answered
Wall Street surged for a second straight session on November 21, 2025, as Nvidia’s blockbuster earnings and reassuring AI outlook ignited tech stocks, while unexpectedly strong U.S. jobs data boosted market confidence. The Dow Jones, Nasdaq, and S&P 500 all posted gains exceeding 1%, with Walmart stealing some spotlight from Nvidia as the Dow’s top performer after raising annual guidance. Meanwhile, economic reports revealed a labor market that’s still humming despite slight unemployment uptick, and corporate developments from Abbott to Verizon shaped sector-specific movements.
Why Are Markets Celebrating Nvidia’s Earnings Today?
Nvidia (+1.87% to $190.08) delivered another knockout quarter that had investors breathing easier about AI’s sustainability. "Everyone’s been yelling ‘bubble!’ around AI, but we’re seeing something completely different," CEO Jensen Huang told analysts, as the chipmaker reported revenue and guidance that crushed expectations. The BTCC research team notes this marks Nvidia’s fourth consecutive quarter of triple-digit year-over-year growth in data center revenue—a segment now representing 78% of total sales. Their new Blackwell GPU architecture, coupled with staggering demand for AI infrastructure, suggests this runway might be longer than skeptics think.
How Did September’s Jobs Report Surprise Traders?
The delayed September employment report (courtesy of the government shutdown) showed:
- Nonfarm payrolls: +119K (vs. +53K expected)
- Unemployment rate: 4.4% (up 0.1ppt)
- Wage growth: +0.2% monthly (slowest since February)
This "Goldilocks" mix—strong hiring but cooling wage pressures—let markets rally without triggering Fed hike fears. Digging deeper, the healthcare and construction sectors added 58K jobs combined, while August’s numbers got revised down to -4K from +22K initially. "The labor market’s still tight enough to support consumption but loose enough to keep inflation in check," observed a BTCC strategist.
Which Stocks Are Moving Markets Beyond Nvidia?
Walmart (+3.2%) became the Dow’s MVP after:
- Boosting full-year profit guidance
- Announcing a switch to Nasdaq listing
- Reporting 53% growth in global ad revenue
Meanwhile, Abbott Labs agreed to acquire Exact Sciences for $105/share ($21B deal), Moderna secured $1.5B in credit facilities, and Palo Alto Networks bought observability platform Chronosphere for $3.35B—a bet on the booming cloud security space.
What Do the Economic Tea Leaves Suggest?
Other key data points painting today’s picture:
| Metric | Actual | Expected |
|---|---|---|
| Philly Fed Index (Nov) | -1.7 | +1.0 |
| Jobless Claims (Nov 18) | 220K | 228K |
The manufacturing sector’s slower-than-hoped recovery (-1.7 vs. +1.0 forecast) kept some cyclical stocks in check, though still a major improvement from October’s -12.8 reading.
Who’s Making Headlines in Corporate America?
Verizon dropped a bombshell with plans to cut 13K jobs—its largest layoff ever—as part of a restructuring that’ll also convert 179 company-owned stores to franchises. On the healthcare front, Regeneron scored an FDA label expansion for Eylea HD (8mg dose for retinal vein occlusion), potentially adding $400M in annual sales.
FAQs: Your Burning Market Questions Answered
Why did Nvidia’s stock not rise more despite great earnings?
While Nvidia gained nearly 2%, some profit-taking occurred after its 220% year-to-date rally. Options data shows heavy call writing at $200 strikes, creating resistance.
Is the AI trade overhyped now?
With Nvidia trading at 35x forward earnings—below its 5-year average—and generative AI adoption still in early innings (only 5% of enterprises have production deployments), valuations may have room to run.
What’s next for interest rates after this jobs report?
Fed funds futures now price just a 15% chance of a December hike. The focus shifts to whether policymakers will maintain higher rates through Q2 2024.
