Stock Market Today: Dow, S&P 500, Nasdaq Futures Jump as Nvidia Earnings Beat and Strong Jobs Report Lift Sentiment

On Thursday, US stock futures skyrocketed after Nvidia’s impressive earnings report sparked optimism in the AI trade once again and new labor market data raised the expectations for near-term rate cuts.

Nasdaq 100 futures, the highest in the tech sector, moved up almost 1.8%, S&P 500 futures went up by 1.3%, and Dow Jones futures rose by 0.7%. This pulling back happened after Wall Street ended its four-session losing streak on Wednesday.

Nvidia Soars After Posting Strong Q3 Results

Nvidia (NVDA) shares surged over 5% in premarket trading after the chipmaker reported an earnings beat and issued a stronger-than-expected Q4 revenue outlook.

CEO Jensen Huang said demand for the company’s new Blackwell AI processors is “off the charts,” easing concerns of a prolonged slowdown in AI-linked stocks.

Nvidia closed at $186.52 (+2.85%), and traded around $196.20 (+5.19%) premarket.

Jobs Report Boosts Rate-Cut Hopes

New data from the Bureau of Labor Statistics showed the US economy added 119,000 jobs in September, far exceeding expectations of 51,000.

However, the unemployment rate edged up to 4.4%, compared to 4.3% in August. Economists expected no change.

Following the release, traders increased bets on a December Federal Reserve rate cut, with probabilities rising to 35%, up from 28% earlier in the morning.

This was the first major economic report since the end of the longest-ever US government shutdown, which also caused the BLS to cancel the October jobs report and postpone November’s release to December 16.

Fed Minutes Highlight Policy Divide

Minutes from the Fed’s October meeting showed policymakers remain split over whether a weakening labor market or sticky inflation poses the greater risk. The divide adds uncertainty ahead of the Fed’s December meeting.

Walmart Raises Full-Year Guidance

Walmart (WMT) topped expectations with Q3 results, reporting:

• Adjusted EPS: $0.62 (vs. $0.60 expected)
• Revenue: $179.5 billion (+6%)
• US same-store sales: +4.5%

The retail giant also raised its full-year sales and earnings guidance. Shares were slightly lower premarket after an early dip.

Asian Tech Stocks Rally After Nvidia Beat

Asian markets reacted strongly to Nvidia’s results:

• TSMC jumped 4.3% in Taiwan (US-listed shares +2.6%)
• SK Hynix and Samsung Electronics climbed between 1.6% and 4.3%
• Japan’s Nikkei 225 gained over 2.6%, briefly reclaiming the 50,000 level
• The upbeat sentiment helped ease AI-bubble concerns.
• Other Chip Stocks Climb

US chipmakers also rallied:

AMD +5% premarket

Micron +%

Broadcom +%

Tech giants Meta, Google, and Microsoft edged higher

Nvidia’s China Business Continues to Struggle

Despite strong overall earnings, Nvidia reported weaker-than-expected sales in China:

China revenue: $2.8B (vs. $8.4B expected)

H20 chip sales: $50M

The company cited geopolitical tensions and tougher US export controls.

Gold Steady After Fed Minutes

Gold futures (GC=F) hovered around $4,084, up 0.03%, after Fed minutes dampened hopes of an immediate rate cut.