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Nvidia Earnings, September Employment and more +4

12:24 20-Nov-25

The BLS has updated its schedule, cancelling the October jobs reports altogether, setting December 16th as the release date for November employment data.  Since that is almost a week after the next Fed meeting FedWatch chances on a December 10th rate cut are dwindling further towards a third.  This has helped indexes give back all their morning gains and then some.  However, GOOG(L) are still up fractionally, and the AI splurge continues, with Physical Intelligence being the latest unicorn to attract megacap funding.  So rather than AI reversal, today's market action looks more like that industry siphoning funds away from almost everything else, including crypto.  To reiterate what this service has said before: prudent investors don't try to time the market.

In case there is someone in the market that doesn't already know, Nvidia earnings hit on all cylinders last night, in line with statements from this service about continued industry spending.  Criticisms about circular investment and the profitability or even usefulness of end applications may come home to roost one day.  However, with American equity markets rebounding strongly, today is not that day.  I'll further note that NVDA is up only 5% and still well below its all-time high.  What is more noteworthy is that much of the index action is being powered by GOOG shares which are hitting the latter milestone after introducing Gemini 3 and living up to CrowdWisers pronouncements a month and a half ago that Google has improved to more than leveled the playing field in terms of AI capabilities.

The BLS also published the September employment reports, showing +119K jobs, and a 4.4% unemployment rate.  The former figure is more than double estimates, and though the latter is a tenth higher than expected, is may also be seen as good because it is due to more people seeking work.  Accordingly the Participation Rate and Employment Population Ratio both edged up by a tenth.  Wages also rose.  So, the only niggle here is how dated this information is.

Really, though, the only market worry for the short term should be Venezuela.  Thus, the White House is once again attempting to distract in the foreign relations realm by floating a Russian peace plan that should not be viable for Ukraine or Europe.

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