Wall Street futures jumped on November 20 as better-than-expected earnings by Nvidia boosted investor sentiment and faded away worries that the alleged frenzy around artificial intelligence (AI) has reached its peak.

Additionally, investors await key US inflation data and Fed's FOMC meeting minutes.

Nasdaq futures rose nearly 1.5 percent (nearly 365 points) to 25,087, while S&P 500 futures rose over 1 percent to 6,735.50, as seen at 4.10 pm IST. Dow Jones futures meanwhile grew 0.6 percent to 46,433.
The American stock markets had closed in the green earlier yesterday, with tech-heavy Nasdaq rising 0.56 percent to 24,640.52. S&P 500 rose 0.38 percent to 6,642.16, while Dow Jones closed 0.10 percent higher at 46,138.77.

Nvidia shares jumped more than 5 percent in pre-market trading on November 20, after the Jensen Huang-led company released its results for the third quarter. During the quarter under review, the company’s revenue jumped 62 percent year-on-year (YoY) to $57 billion, as against the estimate of 56 percent rise.

The US government is set to release its much-awaited and long-delayed jobs report today after the end of the shutdown last week. The report is likely to show that growth picked up moderately in September, while the unemployment rate held steady near a four-year high of 4.3 percent, according to Reuters.
The report will provide essential cues for Federal Reserve’s decision on rate cut during its upcoming FOMC meet in December.

A growing number of Federal Reserve policymakers are now showing willingness to not ease the American central bank's rates further. Short-term interest rate futures now show much lower chances of the rate-setting Federal Open Market Committee (FOMC) lowering its borrowing costs on December 10, when the Fed wraps up its last policy meeting of 2025.

Traders are now seeing a 34 percent chance of a December rate cut, down from about 50 percent seen a day prior, according to the CME FedWatch Tool quoted by Reuters.

The key government data reports, which are expected to come, will remain in focus as they will shed light on Fed’s possible decision during the upcoming FOMC meeting.