Nvidia, Walmart & Lowe’s: 3 Earnings to Watch This Week

While many traders digest Donald Trump’s re-election and how it may impact different financial instruments, they are also keeping an eye on other market movers, including economic data and earnings releases. This week, three major US companies—Walmart (WMT), Lowe’s (LOW), and Nvidia (NVDA)—will report their quarterly results.

Let’s take a closer look at what traders should focus on to better understand where these companies may be headed:

Is Walmart Ready for the Holiday Shopping Season?

Walmart is scheduled to report its Q3 FY 2025 earnings before the bell today, Tuesday, 19 November. Analysts surveyed by LSEG anticipate earnings per share (EPS) to be 53 cents and revenue to be $167.72 billion. 

Following a strong first half of the year and a raised full-year outlook, the company could have faced potential headwinds, possibly challenging its momentum as the shopping season begins.

What to Expect from Walmart’s Q3 2025 Earnings

In Q2 FY 2025, Walmart exceeded analyst expectations and upgraded its full-year guidance, attributing its performance to stable consumer health. However, the company cautioned that the strength seen earlier this year may not extend into the latter half.

Chief Financial Officer John David Rainey highlighted key concerns, including geopolitical tensions such as the ongoing Middle East conflicts, the 2024 U.S. election, and other market dynamics that could dampen consumer confidence and spending patterns in the second part of 2024.

As the US largest retailer, Walmart’s earnings report can provide a critical indicator of U.S. consumer sentiment, particularly as inflation eases and households gear up for holiday shopping. Some analysts and traders might closely analyse the company’s guidance to assess whether Walmart is positioned to capitalise on seasonal spending or if broader economic and geopolitical factors might affect its performance.

It’s also interesting to note that the holiday season is shorter in 2024, with fewer days between Thanksgiving and Christmas. This compressed timeline could pressure retailers like Walmart to adjust their promotional strategies to capture sales in a tighter window.

According to the National Retail Federation, holiday spending in November and December is projected to grow by 2.5% to 3.5% year-over-year in 2024 compared to 2023, reaching between $979.5 billion and $989 billion. While this represents an increase over last year, it is lower than the 3.9% growth from 2022 to 2023. Weather conditions during the season and economic uncertainty stemming from the election year also influence shopping behaviour.

However, only time will tell what actually lies ahead.

Can Lowe’s Match Home Depot’s Strong Earnings?

Lowe’s is set to release its third-quarter earnings before the bell today. The report comes in the wake of rival Home Depot’s (HD) Q3 performance published on 12 November, which saw the company beat Wall Street estimates with earnings per share of $3.67 (vs. $3.64 expected) and revenue of $40.22 billion (vs. $39.32 billion expected). (Source: CNBC)

Traders are now keen to see if Lowe’s can deliver similarly strong results or if ongoing challenges in the home improvement sector will weigh on its performance.

What to Expect from Lowe’s Q3 2024 Earnings

Wall Street analysts project Lowe’s will report revenue of $19.93 billion, reflecting a 3% year-over-year decline, and adjusted earnings per share of $2.82, down 9.62% compared to the same period last year.

In its Q2 2024 report, Lowe’s exceeded earnings expectations but missed sales and cut its full-year outlook. The company attributed its struggles to consumers postponing discretionary home improvement projects, likely waiting for the Federal Reserve to begin cutting interest rates. 

Despite a rate cut adopted by the Federal Reserve in September 2024, elevated mortgage rates, high borrowing costs,, and persistent inflation are still adding pressure to consumer spending.

However, some analysts believe that Lowe’s Q3 performance might benefit from increased sales in hurricane-affected Southern states, mirroring a sales boost Home Depot reported from similar weather-related factors.

Additionally, over the past few years, Lowe’s has prioritised attracting professional contractors, a customer segment known for steadier and higher-value purchases. As of 2024, the “Pro” segment accounts for 25% of Lowe’s sales and is the strongest contributor to the company’s overall performance. Continued growth in this area could help offset weaker demand from DIY customers.

Could Blackwell Chip Heating Derail Nvidia’s Q4 Outlook?

As the US Big Tech stocks’ earnings season continues, Nvidia’s Q3 results amid a supreme court case will be published on Wednesday, 20 November, after market closes. Traders are likely to be focusing on whether or not Nvidia can surpass earnings once more. 

Trader attention may also be focused on a potential stumbling block: the reported overheating issue with its next-generation Blackwell AI chip. These chips, critical for training and running artificial intelligence (AI) applications, are a cornerstone of Nvidia’s growth strategy. 

A delay in their rollout could disrupt chip implementation schedules for some of its biggest clients, including Alphabet (GOOG), Meta (META), and Microsoft (MSFT)—and potentially cast a shadow over Nvidia’s Q4 outlook.

What to Expect from Nvidia’s Q3 2024 Earnings

Given Nvidia’s leading position in AI chip technology, its earnings reports are closely watched as a barometer for overall market sentiment. The company’s impact on the stock market is undeniable, as evidenced by its contribution to 20% of the S&P 500’s returns in the past year.

Wall Street expects Nvidia to deliver another strong performance, with revenue of $33.28 billion and net income of $17.45 billion, or 70 cents per share. This growth reflects Nvidia’s dominance in the AI and cloud computing industry, a stock sector that continues to experience surging demand as companies modernise their computing infrastructure to support generative AI and other advanced applications.

Conclusion

This week, traders are likely to closely watch earnings reports from Walmart, Lowe’s, and Nvidia, each providing insights into critical sectors: retail, home improvement, and technology. As these companies unveil their performance and outlooks, traders can gain valuable market insights about broader economic trends, consumer behaviour, and market dynamics heading into the holiday season.