The week of 16–20 November is a double test for the AI trade: Nvidia reports third-quarter results after the US close on Tuesday, its first since Jensen Huang stepped down, and Anthropic is set to debut on the Nasdaq on Thursday. Add US retail sales, Fed minutes, UK inflation and a Trump–Xi meeting, and traders face a packed calendar with Bitcoin already under pressure.
Key takeaways
- Nvidia reports on Tuesday after the bell. Management guided revenue of about $108 billion, plus or minus 2%, and analysts expect roughly $109 billion, per Saxo.
- Nvidia shares ended the week down about 13% near $160, more than 30% below their level six weeks ago, CNBC reported.
- Anthropic is expected to price its IPO on Wednesday at $70–$78 a share and start trading on Thursday under the ticker ANT.
- US October retail sales (Tuesday, 13:30 GMT) and FOMC minutes (Wednesday, 19:00 GMT) will test bets on a December Fed hike.
- UK CPI on Wednesday could firm up a December Bank of England hike. Bitcoin is near $67,000 after a week of ETF outflows and liquidations.
Why is next week so important for markets?
Because the two biggest stories of the week both hit the AI trade, which has led stocks all year. The S&P 500 closed Friday at 7,561.67, down 0.4% on the day but up about 2.5% for the week, its first winning week since early October, AP reported. The Nasdaq Composite fell 0.9% on Friday to 25,136.27 and the Dow rose 0.1% to 52,347.55.
Investors rotated into other tech names such as Apple, AMD and Broadcom rather than dumping AI stocks outright. “The Nvidia story is now idiosyncratic,” Mark Hackett of Nationwide told CNBC. Whether that holds depends on Tuesday and Thursday.
What do analysts expect from Nvidia earnings?
Nvidia reports fiscal third-quarter results after the US market close on Tuesday 17 November. Management previously guided revenue of $108 billion, plus or minus 2%, with gross margins of about 74%. Analysts expect about $109 billion, roughly 13% higher than the prior quarter, according to Saxo. Blackwell chips should drive data-centre sales, while investors want clarity on the Vera Rubin roadmap.
The bigger question is leadership. Huang resigned last week and chief financial officer Colette Kress is now interim CEO. “The succession is what matters most for this stock now,” wrote Saxo’s Neil Wilson, who also flagged regulatory overhang from congressional investigations. CNBC said Ian Buck, Nvidia’s head of hyperscale and high-performance computing, is emerging as an early favourite for the permanent role.
The stock’s slide has split Wall Street. Nvidia’s market value closed below $4 trillion on Friday, Yahoo Finance reported. Dan Ives of Yorkville Ives & Co keeps a $225 target, while others warn the overhang may last. Because Nvidia supplies so much of the AI ecosystem, its numbers and guidance can move the Nasdaq, chip stocks and even crypto sentiment overnight.
When is the Anthropic IPO?
Anthropic, the maker of the Claude chatbot, is expected to price its IPO on Wednesday 18 November in a range of $70 to $78 a share and begin trading on Thursday 19 November on the Nasdaq Global Select Market under the ticker ANT, CNBC reported. CNBC put the expected valuation at about $1.2 trillion, down from $2 trillion earlier in the autumn, while Reuters said it could be valued at up to $1.4 trillion.
Reuters called the listing “a real-time barometer of sentiment for the AI trade.” A strong debut would support the view that investor appetite for AI is intact despite Nvidia’s troubles. A weak one could add to worries about how much is being spent on AI.
Fed minutes, retail sales and the December hike
The Fed funds rate sits at 3.75%–4.00%, and markets are pricing a hike at the 8–9 December meeting. After Friday’s PPI report, CME FedWatch showed an 87.7% chance of a 25 basis point hike and 12.3% for 50 basis points, Global Market Gateway reported. Fed Chair Kevin Warsh speaks on Monday.
October retail sales land on Tuesday at 13:30 GMT (08:30 ET), alongside import prices and industrial production. On Wednesday at 19:00 GMT (14:00 ET), the minutes of the Fed’s last meeting will show why it held rates despite hot inflation, with governor Chris Waller having argued for a 50 basis point move next month, Saxo noted. The 10-year Treasury yield touched 5.17% on Friday, its highest since October, so any hawkish surprise could lift the dollar again.
UK inflation, the pound and the Trump–Xi meeting
UK CPI for October is out on Wednesday at 07:00 GMT. Inflation rose to 3.5% in September from 3.1% in August, and Saxo said markets price about an 85% chance of a December Bank of England hike. UK jobs data comes on Tuesday, and retail sales on Friday, the same day as an EU–UK summit in Brussels that Reuters said could support sterling.
US President Donald Trump and Chinese President Xi Jinping are expected to meet at the APEC summit in Shenzhen on 18–19 November, according to Reuters. Trade, Taiwan, the Iran war and AI chip sales are all on the table, so headlines could hit the yuan, the Australian dollar and chip stocks. Follow currency moves on our forex news hub and EUR/USD news page.
Where do gold, oil and Bitcoin stand going into the week?
Gold finished the week near $3,875 an ounce, down about 4.5% after touching a more-than-one-year low on Thursday, as higher yields and a stronger dollar weighed. See our gold news page.
Oil is heading for a second weekly drop, with Brent near $95.94 and WTI near $88.81, after the International Energy Agency pointed to a growing global surplus. Tanker attacks around the Strait of Hormuz and Houthi strikes on Saudi infrastructure keep supply risk alive. Our oil trading guide covers the basics.
Bitcoin traded near $67,000 on Saturday, down about 11% on the week, The Economic Times reported, with US spot Bitcoin ETFs seeing about $1.01 billion of net outflows over four sessions. Crypto liquidations topped $1.2 billion in 24 hours, mostly longs, and Bitcoin is testing its 200-week average near $67,900, BeInCrypto reported via Yahoo Finance. More on our Bitcoin news page.
Week-ahead calendar: 16–20 November
| Day | Key events | What it could move |
|---|---|---|
| Mon 16 Nov | Empire State index (13:30 GMT); China data; Fed Chair Warsh speaks | USD, Asian FX |
| Tue 17 Nov | UK jobs (07:00 GMT); US retail sales (13:30 GMT); Nvidia earnings after the US close; Home Depot, Disney | GBP, USD, Nasdaq, chip stocks |
| Wed 18 Nov | UK CPI (07:00 GMT); US housing starts; FOMC minutes (19:00 GMT); Anthropic IPO pricing; Trump–Xi at APEC (18–19 Nov) | GBP, USD, gold, yields |
| Thu 19 Nov | Anthropic (ANT) Nasdaq debut; US jobless claims and Philly Fed (13:30 GMT); Walmart | Nasdaq, AI stocks, risk sentiment |
| Fri 20 Nov | UK retail sales; EU–UK summit; US Michigan sentiment, final (15:00 GMT) | GBP, USD |
Sources: CNBC, Saxo, Reuters. Times are GMT; schedules can change.
What should traders watch?
- Nvidia guidance and succession: the outlook for next quarter and any word on a permanent CEO may matter more than the headline beat or miss.
- Anthropic’s first-day trading: a read on how much risk appetite is left for AI.
- Yields and the dollar: strong retail sales or hawkish minutes could push the 10-year back toward 5.17%, a headwind for gold and Bitcoin.
- Bitcoin’s 200-week average: BeInCrypto flagged $66,000–$67,000 as the first floor and $75,000 as the first hurdle on a rebound.
- Sterling: UK CPI and the EU–UK summit both land in the same week.
Earnings and data like these can move prices sharply in seconds. Our trading-the-news strategy guide covers managing risk around big releases, and the beginners forex course explains how data feeds into currency moves.
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FAQ
When does Nvidia report earnings?
Nvidia reports fiscal third-quarter results on Tuesday 17 November 2026, after the US stock market closes. Management guided revenue of about $108 billion, plus or minus 2%, and analysts expect roughly $109 billion. It is the company’s first report since Jensen Huang stepped down as CEO.
When will Anthropic start trading and what is its ticker?
Anthropic is expected to price its IPO on Wednesday 18 November at $70 to $78 a share and start trading on Thursday 19 November on the Nasdaq under the ticker ANT, according to CNBC. Its expected valuation is about $1.2 trillion to $1.4 trillion, based on CNBC and Reuters reports.
Why does Nvidia’s earnings report matter for the whole market?
Nvidia is one of the largest companies in the US market and supplies chips across the AI industry. Its results and guidance often move the Nasdaq, other chip stocks and wider risk sentiment, including crypto. This quarter, investors are also watching for news on who will lead the company.
What time are the FOMC minutes released?
The minutes of the Federal Reserve’s last meeting are due on Wednesday 18 November at 2:00 pm ET, which is 19:00 GMT. Traders will look for clues on how likely a December rate hike is, and whether some officials favour a larger 50 basis point move.
Why is Bitcoin falling this week?
Bitcoin fell about 11% this week to near $67,000 as a stronger dollar, rising Treasury yields and Fed hike bets weighed on risk assets. US spot Bitcoin ETFs saw about $1 billion of outflows over four sessions, and more than $1.2 billion of crypto positions were liquidated in a day.
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