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U.S. stock futures surged on Thursday after Nvidia’s (NASDAQ:NVDA) latest blowout results helped calm worries about stretched valuations in the tech-heavy U.S. market. Investors are now looking ahead to earnings from retail giant Walmart (NYSE:WMT) and the long-delayed September nonfarm payrolls report.

Nvidia smashes expectations

Nvidia injected renewed optimism into global markets after reporting exceptional third-quarter results and issuing a confident fourth-quarter outlook, easing fears that the artificial intelligence boom has pushed valuations too far.

The world’s most valuable listed company posted revenue growth of 62% in Q3—its first acceleration in nearly two years—and projected fourth-quarter sales of $65 billion, plus or minus 2%. Analysts, per LSEG data, had been expecting $61.66 billion.

CEO Jensen Huang dismissed the idea of a speculative bubble forming around AI, concerns that had dragged Nvidia shares down almost 8% in November following a 1,200% rally over the past three years.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Jensen Huang told analysts.

He also emphasised that demand for Nvidia’s chips remains strong across a wide range of industries, not just among major cloud providers.

“We’re in every cloud. The reason why developers love us is because we’re literally everywhere,” he said. “We’re everywhere from cloud to on-premise to robotic systems, edge devices, PCs, you name it. One architecture. Things just work. It’s incredible.”

Huang further reiterated his previous forecast that Nvidia has $500 billion in chip orders lined up through 2026.

Adding to the upbeat mood, Bloomberg reported that the Donald Trump administration is urging Congress to block a proposed measure that would restrict Nvidia’s ability to sell AI chips to China and other embargoed nations.

U.S. futures jump on Nvidia’s blockbuster report

Nvidia’s results lit a fire under U.S. equity futures.
At 03:20 ET:

• S&P 500 futures were up 1.3% (85 points)
• Nasdaq 100 futures gained 1.8% (430 points)
• Dow futures rose 0.6% (290 points)

All three major U.S. indices ended Wednesday higher, breaking a four-day losing streak, but remain on track for weekly declines.

Walmart will also report earnings later today, and the Bureau of Labor Statistics will release the September nonfarm payrolls numbers, delayed due to the recent U.S. government shutdown.

Analysts at ING warned: “Should the jobs data fail to swing the market towards a Fed cut in December (currently 50% priced), then pressure remains on equity markets.”

Nonfarm payrolls take center stage

The U.S. Labor Department’s September jobs report is expected to show a labor market that remains sluggish.

The government shutdown pushed back the release by weeks and forced the cancellation of the October report, giving today’s update outsized importance ahead of the December 10 Federal Reserve meeting. The next jobs report won’t be available until December 16.

Economists expect:

• +50,000 jobs added in September (vs. +22,000 in August)
• Unemployment steady at 4.3%, a four-year high

Analysts at Vital Knowledge noted: “In years past a ~50K monthly jobs pace would be a bright green light for the Fed to slash rates, but in the current environment, with a much lower break-even level … and elevated inflation, the central bank won’t be as quick to act.”

Walmart earnings on deck

Walmart (NYSE:WMT), the world’s largest retailer, is set to report earnings today, offering insights into consumer strength ahead of the holiday shopping season.

Analysts expect:

• Revenue: $177.5 billion (+4.7% YoY)
• EPS: $0.60 (up from $0.58 YoY)

The update comes shortly after Walmart confirmed CEO Doug McMillon will step down next year after more than a decade in the role. Since 2014, he has led the company through a dramatic expansion in e-commerce, tripling Walmart’s market value.

Retail sector performance this week has been mixed:

• Target (NYSE:TGT) cut guidance again.
• Home Depot (NYSE:HD) warned of a deeper profit decline for the year.
• Lowe’s (NYSE:LOW) beat expectations and raised its full-year outlook.

Oil prices climb, heading for weekly gains

Crude prices advanced Thursday, supported by a larger-than-expected draw in U.S. inventories.

• Brent: +0.6% to $63.86
• WTI: +0.6% to $59.59

Both benchmarks are on pace to finish the week up more than 1%, ahead of the November 21 U.S. deadline for companies to cease business with Rosneft and Lukoil.

The Energy Information Administration reported that U.S. crude stocks fell by 3.4 million barrels during the week ended November 14.

Oil briefly slumped Wednesday after Reuters reported that the U.S. had encouraged Ukraine to accept a Washington-drafted framework to end the war with Russia.

European equities surged on Thursday as upbeat quarterly results from Nvidia (NASDAQ:NVDA) helped ease worries that lofty AI-driven valuations had stretched markets too far.

By 09:00 GMT, Germany’s DAX was up 0.9%, France’s CAC 40 rose 1%, and the U.K.’s FTSE 100 gained 0.7%.

Nvidia lifts global sentiment

Markets worldwide had been jittery earlier in the week, but Nvidia’s exceptional third-quarter results and confident outlook provided reassurance that the artificial-intelligence boom remains on solid footing. The world’s most valuable semiconductor company reported 62% year-on-year sales growth—its first acceleration in seven quarters—and CEO Jensen Huang pushed back against fears of an AI bubble, concerns that had knocked the stock nearly 8% lower in November after a staggering 1,200% rally over the past three years.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Jensen Huang told analysts during the earnings call.

The results sparked gains across Europe’s technology sector. Infineon (BIT:1IFX) and ASML (EU:ASML) traded sharply higher, while companies tied to AI-related hardware, including Schneider Electric (EU:SU) and Siemens Energy (TG:SIE), also advanced.

BNP Paribas boosts capital target

Investors in Europe were also digesting a fresh batch of corporate updates. Shares of BNP Paribas (EU:BNP) rallied after the French banking group raised its capital target, a move it said reflects stronger profitability.

JD Sports Fashion (LSE:JD.) cut its profit guidance as weakening consumer conditions weighed on sales across its key global markets in the third quarter.

Johnson Matthey (LSE:JMAT) posted a 38% increase in underlying operating profit for the first half of 2025-26 as it pushed forward with its restructuring and progressed with the planned £1.8 billion sale of its Catalyst Technologies division.

Footwear maker Dr. Martens (LSE:DOCS) reported an adjusted pre-tax loss of £9.2 million for the six months to September 28, but said reducing discounting in the U.S. and shifting production away from China should help cushion the impact of tariffs in the years ahead.

U.S. jobs report takes centre stage

German producer prices fell 1.8% in October from a year earlier—slightly less than expected—but attention is largely fixed on the U.S. nonfarm payrolls report for September, due later today.

The release was delayed by a 43-day U.S. government shutdown, which also resulted in the cancellation of the October report, increasing the importance of today’s figures ahead of the next Federal Reserve meeting. Economists expect employment to have risen by 50,000 jobs in September, more than double August’s 22,000 increase, with unemployment holding near a four-year high of 4.3%.

Oil prices on track for weekly gains

Crude prices advanced Thursday, heading toward weekly gains supported by a larger-than-expected drawdown in U.S. inventories. Brent crude rose 0.6% to $63.86 a barrel, while West Texas Intermediate climbed 0.6% to $59.59.

Both benchmarks remain set to end the week more than 1% higher, ahead of the November 21 U.S. deadline for companies to cease business with Rosneft and Lukoil, Russia’s largest oil producers.

Prices were also supported by Wednesday’s Energy Information Administration report showing U.S. crude stocks fell by 3.4 million barrels in the week ending November 14. However, oil had slumped sharply earlier on Wednesday following a Reuters report that the U.S. had urged Ukraine to accept a Washington-drafted framework aimed at ending the war with Russia.

Getlink (EU:GET) shares dipped 0.2% on Thursday after the Channel Tunnel operator formally contested a proposed rise in its UK Business Rates—an increase that could materially affect its future cost base and investment strategy.

The company said it had received notice from the UK Valuation Office Agency outlining a substantial rate increase as part of the standard three-year review. Without adjustments to transitional relief, the change would lift its costs by €15 million in 2026 and push total Business Rates up by roughly 200%—adding €26 million over the next three years.

Getlink warned it would halt certain planned UK investments and exhaust all available channels to oppose the increase if it goes ahead. The Financial Times noted that the company typically passes on around half of its business-rates obligations to rail operators.

Based on current estimates, the proposed hike would represent about 1% of Getlink’s projected FY26 EBITDA and roughly 2% of its expected profit before tax, assuming a 50% pass-through rate.

RBC analysts commented: “We rate Getlink Sector Perform with a €17 price target. We expect an improvement rather than inflection in Eurotunnel’s performance. Our FY26E forecasts are ahead of consensus, with Eleclink positioned for a return to top-line growth. On our forecasts, FCF yields in FY26 will be relatively low (within the subsector) given elevated capex.”

There is precedent for initial proposals being softened during final determinations, and Getlink’s decision to publicly push back suggests management sees a realistic opportunity to secure a less severe increase.

BNP Paribas (EU:BNP) increased its capital targets on Thursday, announcing a new CET1 ratio objective of 13% for 2027, up from the previous 12.5% target.

According to the bank, the higher goal reflects stronger underlying profitability, a controlled annual increase of around 2% in risk-weighted assets, and faster progress on divesting non-core operations.

BNP said it will evaluate each year how much surplus capital can be returned to shareholders. CEO Jean-Laurent Bonnafé noted that the bank intends to enhance profitability by “leveraging existing growth drivers” while maintaining “a disciplined and attractive distribution policy.”

Commenting on the announcement, Jefferies analyst Joseph Dickerson wrote: “In our view, this is a clear statement of strength and should remind investors that SocGen committing to a 13.0% was a significant factor in changing investors’ perception on the name.”

The bank also revealed that it has received approval from the European Central Bank to proceed with a €1.15 billion share buyback, which is expected to begin before the end of November. BNP reaffirmed its ambition to deliver a 13% return on tangible equity by 2028.

Cost efficiency remains central to achieving these targets. The bank is aiming for a cost-to-income ratio of 61% in 2026 and 58% in 2028. Additional details on BNP’s outlook through 2028 will be provided alongside its 2025 results, with a new medium-term strategic plan slated for early 2027.

UK equities opened higher on Thursday, snapping a multi-day losing streak, while broader European markets also traded in positive territory. By 08:14 GMT, the FTSE 100 was up 0.7%, and the pound had edged 0.03% stronger against the dollar to 1.30. Elsewhere in Europe, Germany’s DAX gained 0.8%, and France’s CAC 40 advanced 1.13%.

UK Corporate Round-Up

JD Sports Fashion PLC (LSE:JD.)
JD Sports cut its profit outlook after reporting softer sales across most major regions in its third quarter, citing a weakening consumer backdrop. The retailer now expects profit before tax and adjusting items to come in toward the lower end of FY26 market expectations. As of November 14, the consensus estimate sits at £871 million, within a range of £853 million to £888 million.

Senior PLC (LSE:SNR)
Senior delivered a strong update for the ten months to October 2025 and raised its full-year profit guidance. Sales increased 5.9% year-on-year in constant currency, up from 5% in the first half, supported by better-than-expected results in its Flexonics division and ongoing strength in Aerospace.

Mitie Group PLC (LSE:MTO)
Mitie reported first-half revenue of £2.68 billion for FY26, up 10.4% from last year. Growth included 6.4% organic expansion from new contract wins, project work and pricing contributions, with acquisitions adding a further 4%. Operating profit before Other items rose 8% to £109 million, while the operating margin held steady at 4.1% despite inflationary pressures and higher National Insurance costs. Profit before tax (before other items) reached £98 million, up from £94.5 million a year earlier.

Grainger Plc (LSE:GRI)
Grainger posted a 12% rise in net rental income to £123.6 million for FY25, alongside a 12% increase in EPRA earnings to £53.7 million. EPRA EPS climbed to 7.3p from 6.5p in FY24. The company raised its dividend by 10% to 8.31p—its 20th consecutive annual increase—and has distributed roughly £345 million to shareholders over the past decade.

Games Workshop Group PLC (LSE:GAW)
Games Workshop reported strong first-half trading, with core revenue rising 15% to £310 million from £269 million a year earlier. The company expects first-half profit of around £135 million, up 6% from £127 million in the prior year period.

Everplay Group PLC (LSE:EVPL)
Everplay announced that Mikkel Weider will become its new CEO from January 1. Upon his arrival, Interim Executive Chair Frank Sagnier will revert to his role as Non-Executive Chair.

Grainger Plc (LSE:GRI) reported a strong set of full-year results on Thursday, posting a 12% rise in net rental income to £123.6 million for FY25, up from £110.1 million the year before.

EPRA earnings also climbed 12% to £53.7 million, with EPRA earnings per share increasing to 7.3p from 6.5p in FY24. The company lifted its dividend by 10% to 8.31p—its 20th consecutive year of dividend growth. Over the past decade, Grainger has returned around £345 million to shareholders.

Operational metrics strengthened across the board. Occupancy improved to 98.1%, compared with 97.4% last year, while EBITDA margin expanded to 55.5% from 54.0%, supported by efficiencies and scale benefits. Like-for-like rental growth reached 3.6%, easing from 4.4% in the first half. Net asset value held steady at 298p after £169 million of disposals of lower-yielding assets at close to book value.

Grainger maintains a solid balance sheet, with borrowing costs fixed in the mid-3% range through FY29. The company plans to reduce leverage by £300–£350 million by FY29, targeting net debt-to-EBITDA of 8x and loan-to-value of 30%.

Looking to FY26, management expects rental growth to return to its long-run average of 3–3.5%.

Chief Executive Helen Gordon said: “Our focus on delivering great homes and great service to our customers and excellent risk-adjusted returns for shareholders has meant we have delivered an increase in earnings of +12%, an increase in net rental income of +12% and a +10% increase in dividend.”

Gresham House Energy Storage Fund PLC (LSE:GRID) reported a net asset value (NAV) per share of 115.68p as of 30 September 2025, marking a 7.4% return for the third quarter.

The uplift in NAV was driven largely by improved cash flows from recent augmentations and lower discount-rate premiums applied to projects that had previously been under construction—together contributing 3.8% to the June NAV. Stronger revenue assumptions added a further 1.9%, while routine model roll-forward contributed 1.2%. Additional gains came from reduced operating-cost estimates (0.4%) and other items, including previously disclosed floor contracts (0.3%). These benefits were partially offset by delays to the operational start dates at the West Bradford and Shilton Lane sites, which trimmed NAV by 0.2%.

Operational assets—excluding working capital—were valued at £706,000 per megawatt, up from £682,000 per megawatt at the interim results. As of quarter-end, the operational portfolio totalled 1,072MW/1,701MWh, including the newly energised West Bradford and Shilton Lane facilities, which are expected to begin generating revenue in December.

During the quarter, the underlying portfolio delivered £13.3 million in revenue and £8.8 million in EBITDA. Annualised revenue came in at roughly £56,000 per megawatt, down from £75,000 per megawatt in the first half, reflecting typical seasonal softness.

Total debt at the end of September stood at £210 million, offset by cash holdings of £78 million, resulting in net debt of £132 million—equivalent to 20.1% of NAV.

The fund also announced the conditional acquisition of Elland 2, a 100MW battery project, furthering the growth strategy outlined at last year’s capital markets day.

Senior PLC (LSE:SNR) delivered an upbeat 10-month trading update on Thursday, prompting management to lift full-year profit expectations after stronger-than-anticipated results from its Flexonics division and continued momentum in Aerospace.

For the period ending October 2025, group sales grew 5.9% year on year in constant currency, an improvement on the 5% growth recorded in the first half. The Aerospace division remained the standout performer, reporting 9.4% constant-currency sales growth—up from 7.2% in H1—supported by higher commercial aircraft build rates, increased defence spending, and improved pricing.

Flexonics posted 1.5% revenue growth in constant currency, a slight moderation from 2.3% in the first half. The division benefited from strong aftermarket demand in Nuclear and downstream Oil & Gas markets, and continued to outperform Land Vehicle end markets, which, as expected, softened in the second half of 2025.

Management now expects full-year 2025 profit before tax and amortisation to come in “comfortably above previous expectations.” Analysts are forecasting high single-digit percentage upgrades to the current consensus of £40 million.

The planned divestment of the Aerostructures business is progressing well, with completion still anticipated by year-end despite regulatory delays linked to the U.S. government shutdown. Trading within the division continues to show year-over-year improvement.

Looking ahead, Senior reiterated confidence in its medium-term targets. The company expects solid momentum in Aerospace to carry through the fourth quarter and into 2026, driven by volume gains and favourable pricing. For Flexonics, management anticipates full-year results to be slightly ahead of 2024 levels, although softness in Land Vehicle markets is expected to persist into next year.

JD Sports Fashion (LSE:JD.) reduced its profit outlook on Thursday after reporting softer sales across most major markets during its third quarter, a shift the retailer attributes to deteriorating consumer conditions.

The company now expects profit before tax and adjusting items to land at the lower end of current market expectations for FY26. As of November 14, JD’s compiled analyst consensus sits at £871 million, within a range of £853 million to £888 million.

In its statement, the company warned: “Recent indicators have shown incrementally weaker macroeconomic and consumer external data points in our key markets. We are particularly mindful of the pressures on our core customer demographic, including rising unemployment levels, as well as near-term volatility around consumer sentiment.” JD added that these trends prompted management to adopt a “pragmatic approach to the FY26 outlook” as it heads into its peak trading season.

For the 13 weeks to November 1, group like-for-like sales declined 1.7%, although organic sales rose 2.4%. Total sales, including contributions from acquisitions, grew 8.1% at constant currency to £2.95 billion.

North America—JD’s largest region at 37% of quarterly sales—reported like-for-like sales down 1.7%, while organic sales advanced 3% to £1.08 billion. Excluding Finish Line stores, like-for-like sales in the region slipped just 0.2%. Footwear remained soft due to key product cycles maturing, although running products performed well.

Europe generated £1.03 billion in quarterly sales, representing 35% of the total. Like-for-like sales fell 1.1% but organic sales increased 4%. Sporting goods and apparel posted solid performance, but footwear again faced pressure from end-of-cycle product ranges.

The UK proved the toughest market, with like-for-like sales down 3.3% and organic sales falling 2% to £718 million. JD attributed the decline to unseasonably warm September weather affecting apparel, and persistent weakness in footwear—particularly women’s and athletic styles—due to product cycles nearing their end.

Asia Pacific was the only region to deliver positive like-for-like performance, with sales up 3.9% and organic sales jumping 13.3% to £124 million.

Group gross margin excluding acquisitions declined 30 basis points year over year, which JD linked to targeted price investments in online channels. Including the Courir acquisition completed on November 27, 2024, gross margin contracted by 40 basis points.

During the quarter, JD opened a new distribution centre in Heerlen, Netherlands, and confirmed it remains on track to complete £200 million in share buybacks while continuing to generate strong free cash flow.

Everplay Group (LSE:EVPL) has appointed Mikkel Weider as its next Chief Executive Officer, with the transition taking effect on January 1, the company announced on Thursday.

With Weider stepping in, Interim Executive Chair Frank Sagnier will resume his previous position as Non-Executive Chair. Sagnier praised the appointment, saying Weider “has the right credentials to accelerate growth and take everplay to the next level” and that “his extensive gaming and M&A track record will be invaluable over the coming years.”

Weider joins Everplay with a substantial background in leadership and growth-focused strategy. He is best known for founding and leading Nordisk Games between 2016 and 2023, during which the company expanded from a start-up to an organisation of more than 1,300 employees across Europe and the United States. His tenure included major acquisitions such as Avalanche Studios and Supermassive Games.

He currently serves as a Partner at Delphi Interactive, Chair of Outlast Games, and sits on the boards of M2 Animation and NASDAQ-listed Trophy Games. His earlier career includes board roles at Avalanche Studios, Supermassive Games, Raw Fury, Starstable, and Trustpilot, as well as senior positions at Bookatable and Match.com.

Everplay did not provide commentary on current trading conditions, indicating that performance remains broadly aligned with market expectations during this typically busy period for the gaming industry.