Mkt update 11/20/25

 

Market & Economic Summary

Economic Data

• Fed’s view: Recent job weakness may be influenced by immigration shifts, not necessarily economic slowdown.

• Next jobs report: November report comes after the next Fed meeting.

• Rate cut odds: Increased slightly after the latest jobs data but still below 50%.

• Philly Fed Manufacturing Index:

  • Improved from -12.8 → -1.7 (estimate was 0).

  • Price pressures eased.

  • Future outlook strongest in years.

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💻 Earnings & Stocks

NVIDIA

• EPS +60%, Revenue +62% — growth accelerating.

• Strong Q4 guidance; Blackwell chip demand “off the charts.”

• Slight supply constraints remain.

• Historically pops after earnings but can fade later.

Walmart

• EPS +7%, Revenue +6%.

• 27% e-commerce growth.

• Raised full-year guidance.

• Attracting shoppers across all income levels.

Palo Alto Networks (PANW)

• EPS +19%, Revenue +16%, slight beats.

• Buying Chronosphere, moving into observability (competing more with Datadog).

• Stock moved down initially; other cyber names mixed (CrowdStrike up).

IBM & Cisco

• Partnering in quantum computing + quantum networking.

• Large players entering space dominated by smaller specialists.

Exact Sciences (EXAS)

• Being acquired by Abbott (ABT) for $105/share (~$21B).

• Stock surged on takeover rumors and again on confirmation.

Other Movers

• Construction Partners: Revenue +67% but missed EPS → stock down.

• ZIM Integrated Shipping: Big beat but revenue still down 36% YoY.

• VIPS (China e-commerce): Beat EPS, revenue +3%, but stock down pre-market.

• After-hours to watch: Ross Stores (ROST) and Intuit (INTU).