What to Watch in the Day Ahead - Wednesday, November 19

Nvidia is expected to report record third-quarter earnings, which could decide the fate of Wall Street's AI trade as investors look to the chipmaker to dispel bubble worries hanging over hundreds of billions of dollars in data-center bets across the industry. More than three years after ChatGPT's debut and trillions in market value gains later, investors are growing uneasy that the AI boom has outrun fundamentals, and growing doubts have sparked selloffs in global equities this month.

Target is expected to post a fall in third-quarter same-store sales as consumers pull back on spending on discretionary items amid inflation and economic uncertainties.

Federal Reserve Board Governor Stephen Miran is likely to speak on "Bank Regulation and the Fed's Balance Sheet" before the Bank Policy Institute and Small Business & Entrepreneurship Council. (1000/1500) Meanwhile, Federal Reserve Bank of Richmond President Thomas Barkin is expected to speak before luncheon hosted by VACEOs. (1245/1745) Separately, Federal Reserve Bank of New York President John Williams is scheduled to speak before the "Making Missing Markets: Connecting Communities and Capital" hybrid event organized by the Federal Reserve Bank of New York. (1400/1900)

The U.S. Commerce Department's Bureau of Economic Analysis is expected to report that the country's international trade deficit narrowed to $61 billion in August from $78.3 billion in the prior month. Additional, Federal Open Market Committee is scheduled to issue minutes from its meeting of October 28-29, 2025.

Lowe's is expected to post third-quarter revenue growth, likely helped by small-scale repair projects and steady demand from its professional customer base. Investors will keep an eye on comments on demand landscape, tariff pressures and the boost from recent acquisitions in its Pro segment.

TJX Cos is expected to post a rise in its third-quarter revenue, as the off-price retailer benefits from an expansive sourcing strategy and seasonal inventory drawing in budget-conscious shoppers. Investors will look for comments on further tariff mitigation strategies, potential margin pressures and health of the lower-income consumer.

Pottery Barn owner Williams-Sonoma is expected to post a rise in third-quarter revenue, helped by steady demand for its furniture and home furnishing products. Investors will look out for comments on tariffs affecting costs on imported furniture goods, impact of rising economic uncertainties on consumer demand as well as annual forecasts.

On the LATAM front, Argentina's National Institute of Statistics and Census is set to release trade balance figures for October. The country is expected to post a surplus of $728 million, after a surplus of $921 million in the prior month.