👉 Everyone's Watching Nvidia

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Key Earnings Announcements:

The market is in extreme anticipation of Nvidia’s earnings this Wednesday afternoon.

Monday (11/17): LifeMD, XPeng

Tuesday (11/18): Baidu, BellRing Brands, Carlyle Group, Home Depot, Klarna, Pinduoduo, SQM

Wednesday (11/19): BrightView, Copa Airlines, Lowe’s, NVIDIA, Palo Alto Networks, Target, TJX, Viking Holdings

Thursday (11/20): Carnival, Copart, Elastic, Gap, Intuit, Ross Stores, UGI, Veeva, Vipshop, Walmart, Warner Music Group

Friday (11/21): BJ’s Wholesale, Frontline, Miniso, Moog, VinFast

What We’re Watching:

1. Nvidia (NVDA)

Nvidia (+41.6% YTD) reports Q3 FY2025 earnings Wednesday after the close, with investors focused on whether the AI leader can maintain extraordinary data-center growth amid export controls, rising competition, and surging capex needs. Nvidia remains the backbone of global AI infrastructure — but expectations are sky-high, and any softening in 2026 visibility could move markets.

Last quarter, Nvidia delivered $30.0 billion in revenue (+122% YoY) and $6.12 in EPS (+141% YoY), both above estimates. Data-center revenue jumped 154% YoY to $23.5 billion, driven by H100 demand, early Blackwell ramp-ups, and continued strength in networking (InfiniBand). Still, China restrictions and growing competition from AMD and custom AI chips have raised questions about forward growth.

For Q3, I’ll be watching for Blackwell production updates, hyperscaler and sovereign AI demand trends, and 2026 bookings visibility. Margin guidance, supply constraints, and traction in Nvidia’s software and full-stack AI platforms will also be key.

There’s no doubt — the entire market is anxiously awaiting the details from this earnings report.

• Analysts expect $1.20 GAAP EPS on Revenue of $54.94 billion.

• You can explore the most recent NVDA investor release here and here.

2. Walmart (WMT)

Walmart (+13.4% YTD) reports Q3 FY2025 earnings Thursday before the open, with investors focused on how the retail giant is balancing resilient grocery strength with softer discretionary spending and rising wage and logistics costs. Walmart continues to outperform the broader retail sector as consumers prioritize essentials, value, and private-label alternatives — but questions remain around margin durability heading into 2026.

Last quarter, Walmart posted $168.4 billion in revenue (+5.7% YoY) and $0.74 in adjusted EPS (+11% YoY), both above expectations. U.S. comparable sales rose +4.2%, driven by food and consumables, while e-commerce grew +22%, supported by store-fulfilled delivery and membership gains in Walmart+. Operating income climbed +18%, reflecting improved mix and strong cost control.

For this quarter, I’ll be watching traffic and ticket trends, progress in higher-margin businesses like advertising and Walmart Connect, and any commentary on holiday-season inventory and consumer spending behavior. Guidance for 2026, especially around margins and wage inflation, will be critical for sentiment.

• Analysts expect $0.60 GAAP EPS on Revenue of $175.14 billion.

• You can explore the most recent WMT investor release here and here.

Investor Events / Global Affairs:

Bill Ackman will host a social media livestream about Fannie Mae & Freddie Mac, Microsoft's flagship annual conference for IT professionals commences, and Trump will host the Saudi Crown Prince Mohammed bin Salman at the White House.

• Bill Ackman Livestream

Bill Ackman will hold a livestream on Tuesday, Nov. 18 at 10:30 a.m. ET to present a new plan for Fannie Mae and Freddie Mac, aiming to reshape the two mortgage giants after more than a decade under federal conservatorship. Ackman says the proposal is designed to increase the value of taxpayers’ holdings, prevent volatility in mortgage spreads, and give Treasury a clearer mark-to-market on its stake — with a structure he believes could be completed before year-end.

Ackman also clarified that Pershing Square is still the largest common stock holder with over 210 million combined shares, pushing back against rumors that he had exited his position. His long-standing idea of streamlining or merging the GSEs could be part of this week’s reveal.

• Microsoft (MSFT) Ignite Conference

Microsoft’s annual Ignite conference begins this week, bringing together IT professionals, developers, and enterprise leaders for updates on the company’s newest advancements in cloud, AI, cybersecurity, and workplace technology. Ignite is one of Microsoft’s most important events of the year, typically setting the tone for product roadmaps across Azure, Microsoft 365, Copilot, and the company’s rapidly expanding AI infrastructure.

CEO Satya Nadella will headline the event with a keynote expected to highlight Microsoft’s latest AI breakthroughs and how the company is integrating them across its cloud and enterprise ecosystems.

• Trump Meeting with Saudi Crown Prince

Saudi Crown Prince Mohammed bin Salman will meet with President Donald Trump at the White House this week, a high-profile discussion that comes at a pivotal moment for global energy markets and Middle East diplomacy. Investors will be watching for signals on oil production policy, U.S.–Saudi security cooperation, and any shifts in the administration’s stance on regional conflicts.

The meeting also carries implications for global investment flows, as Saudi Arabia continues pushing its Vision 2030 strategy and courting U.S. capital across technology, infrastructure, and energy.

Major Economic Events:

Some economic data is returning, but not all of it will be available right away. Additionally — it’s difficult for economists to have accurate projections after the government shutdown. Expect volatility.

Monday (11/17): Empire State manufacturing survey, Federal Reserve governor Christopher Waller speaks, Federal Reserve Vice Chair Phillip Jefferson speaks, Minneapolis Fed President Neel Kashkari speaks

Tuesday (11/18): Business inventories, Capacity utilization, Import price index, Import price index minus fuel, *Industrial production, Federal Reserve governor Michael Barr speaks, Home builder confidence index

Wednesday (11/19): Building permits, Housing starts, Minutes of Fed’s October FOMC meeting, Philadelphia Fed manufacturing survey, U.S. trade deficit

Thursday (11/20): Existing home sales, Federal Reserve governor Lisa Cook speaks, Philadelphia Fed President Anna Paulson speaks, Chicago Fed President Austan Goolsbee speaks, Hourly wages, Hourly wages year over year, Initial jobless claims, U.S. employment report, U.S. leading economic indicators, U.S. unemployment rate

Friday (11/21): Consumer sentiment (final), Dallas Fed President Lorie Logan speaks, Federal Reserve governor Michael Barr welcoming remarks, Federal Reserve Vice Chair Phillip Jefferson speaks, S&P flash U.S. manufacturing PMI, S&P flash U.S. services PMI

What We’re Watching:

1. Existing Home Sales

U.S. existing home sales rose 1.5% MoM in September to a seasonally adjusted annual rate of 4.06 million – highest level since February and just shy of expectations of 4.1 million. The gain shows housing activity rebounding from midyear lows.

Sales of single-family homes climbed 1.7% to 3.69 million, while condo and co-op sales held steady at 370,000. Regionally, activity increased in the Northeast (+2.1%), South (+1.6%), and West (+5.5%), but slipped in the Midwest (-2.1%).

Inventory edged up to 1.55 million units (a 4.6-month supply), while the median existing-home price rose 2.1% YoY to $415,200, marking the 27th straight month of annual price increases. YoY, total home sales were up 4.1%, showing lower borrowing costs are beginning to thaw buyer demand.

2. NY Empire State Manufacturing Index

The NY Empire State Manufacturing Index climbed 19.4 points to 10.7 in October, swinging back into expansion territory and marking its third positive reading in four months. The jump far exceeded expectations for a -1.0 reading and signals a modest pickup in factory activity across New York State.

New orders improved sharply (3.7 vs. -19.6), shipments rebounded (14.4 vs. -17.3), and employment turned positive (6.2 vs. -1.2), pointing to renewed momentum after a soft September. Supply-side conditions were mixed, with delivery times lengthening slightly and selling prices accelerating, showing cost pressures remain in the system even as output stabilizes.

Economists expect the following this week:

• Empire State Manufacturing Index: 6.1 vs. 10.7 prior

Read the full report here: Empire State Manufacturing Survey

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