Nvidia (NVDA) beat and mixed jobs hit markets

November 20, 2025 at 21:00 UTC

4 min read

Nvidia Q3 earnings boost AI stocks with US market reaction and NVDA ticker visualized

Key Points

Nvidia's (NVDA) fiscal Q3 beat and stronger forward commentary have driven extended-hours gains and lifted AI- and semiconductor-linked names.
The delayed BLS jobs report has shown mixed payroll and unemployment signals and has lifted equity futures while pushing Treasury yields lower.
U.S. benchmarks have closed lower despite earlier intraday strength, with technology names underperforming amid earnings-driven swings.
Consumer-defensive ETFs have outperformed while technology and industrial ETFs have lagged; individual stocks posted outsized gains and steep declines after corporate news.

Global Market Summary

U.S. benchmarks closed lower despite earlier strength, with the S&P 500 (SPX) down 1.11%, the Nasdaq Composite (^IXIC) down 1.64% and the Dow Jones Industrial Average (DJIA) down 0.55%. European markets posted modest gains — DAX (DAX) +0.50%, CAC 40 (FRA40) +0.34% and FTSE 100 (UKX) +0.21% — while in Asia Japan's Nikkei (NKY) jumped 2.65% and the Shanghai Composite (000001.SS) slipped 0.40% after intraday swings driven by a strong Nvidia (NVDA) earnings print and the delayed U.S. jobs release.

Top Movers

Consumer defensives outperformed with XLP (+0.91%) while technology and industrial ETFs lagged, led by VGT (-2.49%) and XLI (-1.36%). Notable single-stock moves included PACS (+54.32%), EXAS (+17.09%) and KLIC (+10.60%) among top gainers, while BBWI (-25.55%) and SNDK (-20.46%) were the largest decliners.

Macro highlights

The delayed BLS September jobs report showed nonfarm payrolls rose 119,000 and the unemployment rate ticked up to 4.4%, a mixed print that lifted equity futures and pushed Treasury yields lower. The Philadelphia Fed's November manufacturing survey pointed to modest regional weakness and the South African Reserve Bank cut its policy rate by 25 basis points, weakening the rand and weighing on emerging-market sentiment.

News that moved markets

Nvidia's (NVDA) fiscal Q3 beat (revenue $57.01 billion) and stronger-than-expected forward commentary drove extended-hours gains and lifted AI- and semiconductor-linked names. Jacobs beat Q4 estimates and issued above-consensus FY26 guidance that produced intraday volatility in its shares, while Bath & Body Works reported a weaker quarter and a sizable guidance cut that sent BBWI sharply lower. FalconX completed the acquisition of 21shares. Abbott (ABT) announced a planned acquisition of Exact Sciences, and other announced transactions included Solventum's agreement to acquire Acera Surgical and Aris Mining's move to acquire the remaining 49% of Soto Norte.

What to Watch Tomorrow

GB Retail Sales MoM (OCT) — consensus 0.1% vs 0.5% prior, Nov 21 | Tracks consumer demand momentum and near-term growth prospects.
DE HCOB Manufacturing PMI Flash (NOV) — consensus 49.8 vs 49.6 prior, Nov 21 | Signals German factory output, order books, and demand conditions.
GB S&P Global (SPGI) Manufacturing PMI Flash (NOV) — forecast 50.6 vs 49.7 prior, Nov 21 | Gauges factory activity, output direction, and demand conditions.
GB S&P Global Services PMI Flash (NOV) — consensus 52 vs 52.3 prior, Nov 21 | Indicates services demand, business activity momentum, and near-term growth prospects.

Key Takeaways

U.S. equity indexes closed lower after earlier intraday strength, as technology weakness and earnings-driven swings amplified losses.
European indices posted modest gains while Japan's Nikkei (NKY) rallied and China's Shanghai Composite slipped amid Nvidia (NVDA)-driven and jobs-related volatility.
Treasury yields moved lower after the mixed jobs print, and emerging-market sentiment weakened following South Africa's 25 basis-point rate cut and a softer rand.
Earnings and guidance were primary drivers of stock-level volatility: BBWI plunged after a sizable guidance cut, while Jacobs and Nvidia produced outsized moves.