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Forex Signals Nov 20: Earnings Preview – Walmart, Intuit, NetEase, Ross Stores Results Coming
The results lineup on Thursday includes a variety of businesses, such as Walmart, Intuit, NetEase, and Ross Stores, all of which offer fresh
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Last updated: Thursday, November 20, 2025
Quick overview
- Thursday's earnings reports from Walmart, Intuit, NetEase, and Ross Stores will provide insights into consumer health and market trends.
- Financial markets reacted to the delay of the October jobs report, strengthening the U.S. dollar and increasing uncertainty ahead of the FOMC meeting.
- Nvidia's strong earnings beat highlights the ongoing momentum in AI infrastructure investment, boosting tech sentiment.
- Geopolitical developments, including potential peace talks between Russia and Ukraine, influenced commodity prices, with crude oil dropping and gold rising.
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MARKETS TREND
The results lineup on Thursday includes a variety of businesses, such as Walmart, Intuit, NetEase, and Ross Stores, all of which offer fresh data on global demand, digital trends, and consumer health. Since markets have reacted significantly to corporate projections this season, any surprises from these names could affect trade direction through the end of the week.
Market Reaction Shifts After Sudden Jobs Report Delay
Financial markets were jolted yesterday after the Bureau of Labor Statistics announced that the October employment report would not be released and that November’s data would be pushed to December 16—well after the upcoming FOMC meeting. The unexpected delay immediately strengthened the U.S. dollar, as traders concluded that the Federal Reserve is now less likely to cut interest rates without updated labor figures in hand. The absence of fresh data adds uncertainty heading into a pivotal policy meeting and encouraged investors to position more defensively.
FOMC Minutes Highlight a Cautious but Split Committee
Adding to the day’s market movement, the latest FOMC meeting minutes portrayed a central bank that remains cautious and not yet aligned on the best path forward. Many officials signaled support for keeping interest rates unchanged through the end of the year, citing lingering concerns about inflation dynamics and the broader economic backdrop. At the same time, most policymakers still anticipate gradual cuts in the longer run as the Fed aims to guide policy back toward a more neutral setting. The tone of the minutes was less dovish than markets expected, reinforcing the dollar’s rise and tempering rate-cut speculation.
Nvidia Extends Its Dominance With Another Powerful Earnings Beat
Tech sentiment received a significant boost as Nvidia posted another standout quarter. The company exceeded expectations with adjusted earnings per share of 1.30 versus 1.24 anticipated, while revenue surged to 57 billion dollars, well above the 54.41 billion forecast. The results underscored the unrelenting momentum behind global AI infrastructure investment, keeping Nvidia firmly at the center of the semiconductor and AI growth narrative.
Commodities React to Geopolitical Developments
Energy markets saw sharp movement after reports surfaced that the United States is brokering a potential peace agreement between Russia and Ukraine. Crude oil tumbled on the headlines, falling 2.27% to 59.29 dollars as traders priced in the possibility of easing geopolitical tensions and reduced supply risks.
Gold edged higher by 8 dollars, or 0.20%, reflecting its ongoing appeal as a safe-haven asset amid policy and geopolitical uncertainty. Bitcoin, meanwhile, extended its downward swing, dropping 3.72% to roughly 89,453 dollars before recovering back above the 90,000 level later in the evening.
Tariff Headlines Add a Late-Session Lift to Market Mood
Late in the trading session, sentiment improved after a Reuters report indicated that the U.S. may postpone the rollout of new semiconductor tariffs. According to officials familiar with the discussions, Washington is increasingly wary of the political and economic risks tied to escalating tensions with China. The administration is reassessing the timeline for these anticipated duties, with several sources noting they may not be implemented as soon as previously signaled.
The developing stance suggests policymakers are trying to avoid exacerbating consumer price pressures while also managing the diplomatic fallout of trade actions against China. The shift added a layer of relief to markets already processing a busy and eventful news cycle.
Key Market Events to Watch Thursday: Earnings Calendar Overview
A fresh round of corporate earnings arrives Thursday, with several influential companies set to shape market sentiment during both the morning and evening sessions.
Earnings Calendar — Thursday’s Companies to Watch
Walmart (WMT) – Q3 2026 Earnings – Before Market Open
- Walmart reports ahead of the bell, giving early direction to retail and consumer-spending stocks.
- Analysts expect EPS of 0.60, reflecting modest growth amid resilient U.S. consumer demand.
- Investors will focus on margin trends, grocery competitiveness, and holiday-season guidance.
- Any improvement in inventory management or e-commerce penetration could offer a positive surprise.
Intuit (INTU) – Q1 2026 Earnings – After Market Close
- Intuit releases results after hours, with an estimated EPS of 3.09.
- Key attention remains on performance across TurboTax, Credit Karma, and QuickBooks as small business activity stabilizes.
- Growth in AI-powered financial tools will be a major talking point, especially as cloud-based platforms drive recurring revenue.
- Any forward-looking comments on consumer tax trends ahead of filing season may influence sentiment.
NetEase (NTES) – Q3 2025 Earnings – Before Market Open
- NetEase reports early, with expectations set at 14.83 EPS.
- Markets will watch for momentum in gaming titles, international expansion, and regulatory clarity within China’s tech sector.
- Updates on content pipelines and overseas partnerships could help guide the stock’s next move.
- The company’s ability to counter rising competition in mobile gaming will be a critical theme.
Ross Stores (ROST) – Q3 2025 Earnings – After Market Close
- Ross Stores posts results post-bell, with EPS projected at 1.40.
- Investors will focus on traffic trends, off-price retail demand, and inventory quality heading into the peak shopping period.
- Strength in value-oriented retail has supported the sector, and any upside commentary on consumer behavior may lift the stock.
- Margin resilience will be a key metric, given cost pressures and freight dynamics.
The 20 Daily SMA Holds
Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. Earlier this month, gold jumped above $4.3800 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20 daily SMA (gray) held as support last week, but it gave way yesterday as sellers pushed Gold below $3,900 but buyers returned and pushed XAU above $4,000K.
USD/JPY Soars Above 157
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Dips below $90K
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down below $105,000 before finding support at the 200 daily SMA (purple) and recovering above $115,000 but then fell toward $100K again. However over the weekend BTC started to rebound off the $10oK again and the price climbed above $106K but reversed lower and yesterday BTC fell close to $90K, breaking the 50 weekly SMA too.
BTC/USD – Weekly Chart
Ethereum Stays Close to $3,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. This Week we saw a dive below $3.500 as ETH heads below $3,000.
ETH/USD – Daily Chart
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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