Stock Market Live November 17: S&P 500 (SPY) Bracing for Nvidia Earnings
The S&P 500 is in the red this morning, down about 10 points. The SPDR S&P 500 ETF (SPY) is down about $1.66. Meanwhile, the Dow Jones is down 88 points, while the NASDAQ…
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3 updates · Last at 2:10pm ET
Stock Market Live November 20: S&P 500 (SPY) Exploding with Nvidia
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Newest firstThe Fear Gauge is Just Starting to Spike Again
The Volatility Index just spiked to 27.34.
That now challenges the peaks the VIX saw in October, in March, and in December 2024. Unfortunately, the VIX could push even higher if the Federal Reserve decides not to cut interest rates at all in December.
For investors wanting to trade the potential for higher volatility, check out these VIX-related ETFs. :
ProShares Ultra VIX Short-Term Futures ETF (UVXY): The ETF was designed to match two times (2x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
iPath S&P 500 VIX Short-Term Futures (VXX): The VXX provides exposure to the S&P 500 VIX Short-Term Futures Index.
ProShares VIX Short-Term Futures ETF (VIXY): ProShares VIX Short-Term Futures ETF provides long exposure to the S&P 500 VIX Short-Term Futures Index, which measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.
This is Why Markets Just Went Red
Markets dropped with Nvidia’s rally fizzling out, and on speculation that we won’t see another rate cut this year from the Federal Reserve.
Following jobs data that showed the addition of 110,000 jobs in September, the latest Fed Watch tool showed 40% odds of another cut by December. Yesterday, it stood at 50%. Last month, it was up to 95%.
Not helping, Bitcoin is now below 90,000, which is pulling down names like Strategy, MARA Holdings, and Riot Platforms.
Markets resume rally with blowout Nvidia earnings
Just last night, Nvidia posted EPS of $1.30, which beat estimates by four cents. Revenue of $57 billion, up 62.5% year over year, beat by $1.91 billion. Data center revenue of $51.2 billion was up 25% quarter over quarter, and up 66% year over year.
Analysts only expected NVDA to post EPS of $1.25 on $54.83 billion in sales, which would be a 56% jump year over year.
Moving forward, Nvidia expects to generate $65 billion in revenue, which would be above expectations of $61.98 billion.
Live coverage has ended. The full story is below.
Full Coverage
The story so farThe S&P 500 is up about 80 points, with the SPDR S&P 500 ETF (SPY) up about 10 points.
The Dow is up about 240 points, with the NASDAQ up by 412.
All thanks to blowout earnings and guidance from Nvidia (NASDAQ: NVDA | NVDA Price Prediction), which just proved the AI boom is far from over.
Just last night, Nvidia posted EPS of $1.30, which beat estimates by four cents. Revenue of $57 billion, up 62.5% year over year, beat by $1.91 billion. Data center revenue of $51.2 billion was up 25% quarter over quarter, and up 66% year over year.
Analysts only expected NVDA to post EPS of $1.25 on $54.83 billion in sales, which would be a 56% jump year over year.
Even better, CEO Jensen Huang noted, “Blackwell sales are off the charts, and cloud GPUs are sold out,” said Jensen Huang, founder and CEO of NVIDIA. “Compute demand keeps accelerating and compounding across training and inference — each growing exponentially. We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once,” as quoted in the earnings release.
Moving forward, Nvidia expects to generate $65 billion in revenue, which would be above expectations of $61.98 billion.
U.S. Economy Added 119,000 Jobs in September
For September, the U.S. added more jobs than expected.
Non-farm payrolls jumped by 119,000 for the month, up from the 4,000 jobs lost in August. However, the unemployment rate did tick higher to 4.4%, its highest since 2021. Average hourly earnings were up 0.2% for September, and 3.8% year over year.
In addition, the Federal Reserve isn’t sure if more interest rate cuts are needed this year.
There are concerns that the Federal Reserve won’t cut interest rates as aggressively as many thought. Heading into the December 2025 Fed meeting, traders are now pricing in a 50% likelihood of a cut, as compared to the 95% probability we saw last month, as reported by the CME FedWatch Tool.
In short, a rate cut is now just a coin toss – especially with less inflationary and jobs data to draw from heading into the next Federal Reserve meeting. Right now, many of the top Fed officials said no more cuts were needed, as shown in the latest minutes.
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Ian Cooper
Ian Cooper is a veteran market analyst and investment strategist with more than 20 years of experience covering stocks, commodities, and macro trends. Since 1999, he has helped investors identify market opportunities using a blend of technical analysis, fundamental research, and market sentiment.
He is the creator of the ADD News Flow Strategy, which focuses on trading market reactions to major news events and investor psychology. Cooper was also among the analysts who warned about the 2008 financial crisis and major financial institution collapses ahead of the broader market.
Before joining 247 Wall St., Cooper wrote extensively for InvestorPlace and other financial publications, covering market trends, trading strategies, and investment opportunities.
