Initial Claims Reaffirm a Resilient Labor Market

Group 1: NVIDIA Earnings Report - NVIDIA (NVDA) reported extraordinary earnings, surpassing October '23 quarter revenues with October '24 quarter earnings, although shares faded on the print [1] Group 2: Economic Data Overview - The week has been relatively dormant for economic reports, with Weekly Jobless Claims and Philly Fed manufacturing numbers being the key highlights [2] - Jobless Claims showed a healthy labor market with 213K new claims last week, down from expectations of 220K and lower than the previous week's 217K [3] - Continuing Jobless Claims reached a three-year high of 1.908 million, up from 1.872 million the previous week, raising concerns about a potential softening labor market [4] Group 3: Demographic Impact on Jobless Claims - The discrepancy in jobless claims is attributed to older Baby Boomers retiring, leading to fewer new jobless claims, while longer-term claims persist [5] Group 4: Philly Fed Manufacturing Index - The Philly Fed index recorded a negative print of -5.5 in November, down from the expected +6.0 and the previous month's +10.3, indicating potential volatility in manufacturing data [6] Group 5: Q3 Earnings Reports - Deere & Co. (DE) reported strong Q3 earnings of $4.55 per share, beating expectations by 17%, with revenues of $9.28 billion, down from $13.8 billion year-over-year [7] - BJ's Wholesale (BJ) had mixed Q3 results, with earnings of $1.18 per share exceeding expectations by 29.67%, while revenues of $5.1 billion were slightly below consensus but up from $4.8 billion year-over-year [8]