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Walmart posted its latest quarterly results, topping expectations on Thursday

Key Takeaways

• Walmart beat estimates Thursday in its latest earnings report, and lifted its full-year sales and profit forecasts.
• The retailer is also moving its stock listing to the Nasdaq. Shares of the retailer jumped in recent trading.
  

Shares of Walmart jumped Thursday, putting them among the S&P 500's top gainers, after the company reported quarterly results that topped Wall Street's estimates and boosted its outlook.

Walmart (WMT) earned an adjusted $0.62 per share in the third quarter of its 2026 fiscal year, 2 cents above the analyst consensus compiled by Visible Alpha. Revenue rose 5.8% from the same time a year ago to $179.5 billion, $2 billion more than analysts had forecast. Walmart's comparable sales rose by 4.2%, just above the analyst estimate. Walmart's e-commerce sales rose 27%, and the company's advertising revenue grew 53%.

The company also lifted its full-year outlook for sales and adjusted EPS. Revenue is expected to rise 4.8% to 5.1% in the full fiscal year, up from 3.75% to 4.75% previously, and adjusted EPS is now forecast at $2.58 to $2.63, up slightly from the prior range of $2.52 to $2.62.

The numbers are a sign that American consumers continue to spend as the holiday selling season picks up steam. Walmart shares were up 6% in recent trading, working their way back in the direction of recent highs after a late-October slide. Since the start of the year, they have gained nearly 15%.

Why This Matters For You

As the largest retailer in the U.S., Walmart is uniquely positioned to provide insights into the health of the American consumer, like recent quarters when it has said more higher-income consumers are shopping at its stores.

JPMorgan analysts said that despite some concerns—like grocery sales and what it considered a cautious outlook—they "don’t see a lot of change from what WMT has been posting" for the last several quarters.

Last week, Walmart announced that CEO Doug McMillon will step down from his role at the end of January after serving as CEO since February 2014. John Furner, CEO of Walmart U.S., will take over the top job at the retailer.

The retail giant also said Thursday that it is moving its stock listing from the New York Stock Exchange to the Nasdaq exchange, keeping its "WMT" ticker and expecting to make the move by Dec. 9. "Moving to Nasdaq aligns with the people-led, tech-powered approach to our long-term strategy," CFO John David Rainey said in Thursday's announcement.

Aptus Capital Advisors portfolio manager David Wagner said Walmart could also be motivated by a potential inclusion in the Nasdaq 100, the stock index that tracks the 100 largest companies on the Nasdaq, "which continues to see consistent capital inflows, which could buoy the stock higher."

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Job seekers attend a career fair.

Key Takeaways

• The U.S. economy added 119,000 jobs in September, more than forecasters expected, while the unemployment rate rose to 4.4% from 4.3%.
  
• The report, which was delayed by last month's government shutdown, presented a mixed picture of the job market's health.
  

More people got hired in September than forecasters expected, and more were unemployed too, according to a highly anticipated and long-delayed report on the labor market.

The U.S. economy added 119,000 jobs in September, rebounding from a loss of 4,000 jobs in August, the Bureau of Labor Statistics said Thursday. That was more than double the 50,000 forecasters had expected, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. The unemployment rate rose to 4.4% from 4.3%, reaching a fresh high since October 2021.

Thursday's report was the first major data on the job market published by government statistical agencies since September. It was originally supposed to be published Oct. 3, but was delayed by the government shutdown. Overall, it painted a mixed picture of the health of the labor market.

What This Means For The Economy

The job market report showed job creation bouncing back after a severe slowdown over the summer, continuing relatively slow growth while not showing red flags of a major crisis.

The number of jobs added was the most since May, but was below the monthly average of 147,000 in the 12 months through April. In addition, the previous two months of job growth were downwardly revised by 33,000.

The uptick in the unemployment rate was due to an increase in job-seekers rather than a wave of layoffs. The labor force participation rate rose to 62.4% from 62.3% in August, reaching its highest since May but remaining well below typical pre-pandemic levels.

Overall, the report "offers reassurance that the labor market wasn't crumbling before the government shutdown," Nancy Vanden Houten, lead economist at Oxford Economics, wrote in a commentary.

Most of the job gains came from health care, leisure, and retail sectors. Federal government employment fell by 3,000. Manufacturing lost 6,000 jobs, the fifth decline in as many months. The manufacturing sector has lost jobs every month since President Donald Trump announced sweeping "Liberation Day" tariffs intended to give U.S. factories an edge over foreign competition.

A Tale Of Two Surveys

The report is based on two surveys, each of which paints a slightly different picture of the job market's trajectory.

Employers reported unexpectedly high job growth, whereas households reported an unexpectedly high unemployment rate. Economists generally trust the employer survey more because it is larger and less prone to fluctuating from month to month.

The 43-day government shutdown has disrupted both of those surveys that were supposed to take place in October. The bureau said it would carry out a retroactive survey of employers, but would not for households.

That means there will be no monthly job market report for October, which would typically be published in November. It will be the first time the bureau has ever skipped a monthly report. The job creation data for October will be published in December alongside the regular report for November.

Update — Nov. 20, 2025. This story has been updated after publication to add additional information about the two surveys in the report, the cancellation of the October jobs report, and a comment from an economist. It was originally published Nov. 20, 2025.

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Low and middle-income borrowers are struggling more to make their house payments.

Key Takeaways

• Foreclosure activity rose in the third quarter, led primarily by government-backed Federal Housing Administration loans that are generally used by first-time homebuyers.
• FHA loans are designed for low- and moderate-income homebuyers, who often are purchasing less expensive properties.
• Analysts said the data is another indication of a divergence between upper- and lower-income earners.

Foreclosure activity is rising across the country, but not necessarily for everyone.

Recent data shows that rising delinquencies and foreclosures in government-backed Federal Housing Administration loans are driving the increase. Analysts said this indicates a growing disparity between wealthy and lower-income homebuyers.

Why This Matters to Homebuyers

An increase in foreclosures on FHA loans may signal larger affordability problems and financial strain across the U.S. The trend can also lead to tighter lending standards, lower home values, and increased uncertainty in the housing market.

Nearly 12% of FHA borrowers in September were past due on mortgage payments, compared with 3.5% of all mortgage holders, according to data released by mortgage data firm Intercontinental Exchange.  Meanwhile, foreclosure starts rose by 23% in the third quarter of 2025 compared with the same period a year ago, the data showed. Still, that's 18% below the pre-pandemic foreclosure starts rate in the third quarter of 2019.

“You can very clearly see those delinquency rates trending higher. So [it's] another indication of that K-shaped economy that we're seeing play out in the broader U.S. economy,” said Andy Walden, head of mortgage and housing research at Intercontinental Exchange.

A “K-shaped” economic recovery occurs when one income group responds better to improving economic conditions than others, which can resemble the letter K when represented on a line graph. Some economists have described current economic conditions as a K-shaped recovery from the Covid pandemic, where higher-income earners are experiencing a quicker rebound than low-income earners. 

Foreclosures Rising, Fueled by FHA Delinquencies 

While FHA loans make up about 15% of active mortgages, they make up almost half of foreclosure starts in the most recent quarter, Intercontinental Exchange data showed. It's part of a trend that reveals increasing payment problems for government home loan borrowers. The Mortgage Bankers Association also tracked a spike in FHA foreclosure activity in the 2025 third quarter.

“The stressors on FHA homeowners include a softer labor market, other personal debt obligations, and increases in taxes, homeowners’ insurance and other fees that exacerbate already stretched affordability,” Marina Walsh, Mortgage Bankers Association vice president of industry analysis, said in a release. “Additionally, home price declines in some parts of the country may lessen the ability to sell or refinance.”

FHA loans tend to be used by younger and low-to-moderate income homeowners, and are often utilized by first-time homebuyers for less expensive homes. The average credit score on FHA loans is 677, well below the 769 credit score of traditional bank loan mortgages. 

Student loans could be one factor driving FHA loan delinquencies higher. Nearly 30% of FHA loan holders have outstanding student loans, more than 10 percentage points higher than other types of mortgage loan holders. Student loan payments resumed this year for many borrowers, which has impacted some borrowers' budgets. spending plans.

News of the day for Nov. 20, 2025

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Traders are digesting earnings reports from Dow components Nvidia and Walmart.

Stock futures are surging this morning after Nvidia's highly anticipated quarterly results and outlook handily topped Wall Street expectations; Walmart released results that beat analysts' estimates on the top and bottom lines; the jobs report for September is finally set to arrive after its release was delayed by the government shutdown; and shares of Palo Alto Networks are losing ground after the cybersecurity firm released earnings and announced an acquisition. Here's what investors need to know today.

Stocks Surge As Investors Cheer Blockbuster Report From Nvidia

Stocks futures are pointing to a sharply higher open for major indexes this morning after AI darling Nvidia's (NVDA) earnings report and outlook, released after yesterday's closing bell, blew past expectations. The strong numbers from the chip giant are giving a boost to technology stocks broadly, amid revived confidence in the AI trade that has sent stocks to a series of record highs this year. Futures tied to the Dow Jones Industrial Average and the S&P 500, which each snapped four-day losing streaks yesterday, were recently up 0.7% and 1.3%, respectively. Futures linked to the tech-heavy Nasdaq were up 1.8%. Bitcoin was at $91,600 recently, after falling to its lowest level since April below $90,000 yesterday. Gold futures were down slightly at 4,075 an ounce, while the yield on the 10-year Treasury note, which affects borrowing costs on a range of consumer loans, was little changed at 4.14%.

Nvidia Stock Jumps After Earnings, Lifting Tech Sector

Nvidia shares are surging Thursday after the chipmaker's fiscal 2026 third quarter results handily topped estimates, temporarily cooling fears of an AI bubble that have shaken markets and slowed tech stocks in recent weeks. Third-quarter revenue of $57 billion and adjusted earnings per share of $1.30 were each higher than analysts had estimated, as the company at the center of the AI boom managed to exceed sky-high expectations. Nvidia projected revenue in the current quarter of $65 billion, with CEO Jensen Huang saying that sales of its Blackwell AI platform are "off the charts." Nvidia shares were up more than 5% in recent premarket trading, while other chip stocks, including Advanced Micro Devices (AMD), Broadcom (AVGO), Arm Holdings (ARM) and Micron Technology (MU) also rose sharply. All of the Magnificent 7 stocks were gaining ground this morning.

Walmart Tops Q3 Estimates, Announces Shift of Listing From NYSE to Nasdaq

Walmart (WMT), which recently announced the departure of long-time CEO Doug McMillon, this morning reported results that topped analysts' expectations. The retail giant reported adjusted earnings per share of $0.62 on revenue of $179.5, each better than analysts had forecast. Comparable sales rose 4% from the same time a year ago, also just above the analyst consensus. Also on Thursday, Walmart announced plans to shift its listing from the New York Stock Exchange to the Nasdaq, retaining its "WMT" ticker and expecting to complete the move by Dec. 9. Walmart shares—which have gained about 11% this year, slightly lagging the performance of the S&P 500—were up less than 1% in recent premarket trading.

Delayed September Jobs Report Due Out This Morning

The long-delayed jobs report for September is due out this morning at 8:30 a.m. ET. The report was initially scheduled for release on October 3, but the onset of the 43-day government shutdown delayed that and other economic data from being released, with the Bureau of Labor Statistics saying some October data may never be released. U.S. employers are projected to have added around 51,000 jobs in September, above the 22,000 added in August but still well below the average mark of 147,000 for the last year through April 2025. The unemployment rate is expected to remain around 4.3%. The jobs numbers will factor into the Federal Reserve's upcoming decision on interest rates at its next meeting on Dec. 9 and 10. Fed officials seem to be split on whether to cut or hold rates steady.

Palo Alto Networks Stock Slips After Earnings, Acquisition

Shares of Palo Alto Networks (PANW) are down this morning after the cybersecurity firm' released its quarterly results and announced an acquisition. The company reported $2.47 billion in revenue for its first quarter of fiscal 2026, in line with analysts' estimates, and adjusted earnings per share of $0.93, slightly better than expected. Its forecasts for the second quarter and full fiscal year were also roughly in line with the analyst consensus, but investors may have been hoping for more impressive projections. The software maker also announced plans to acquire AI cybersecurity company Chronosphere for $3.35 billion. Palo Alto stock was down 3% before the bell.

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The U.S. trade deficit sank in August as imports declined following a new set of tariffs from the Trump administration.

Key Takeaways

• The U.S. trade deficit shrank by 24% in August, according to a delayed report released Wednesday. 
• The improvement in the trade deficit is expected to boost economic growth, according to forecasts.

The U.S. trade deficit fell sharply in August as newly released information showed imports are declining in the wake of President Donald Trump’s wide-ranging tariff policies. 

The trade deficit fell by nearly 24% in August, according to Bureau of Economic Analysis data. The delayed report showed the difference between imports and exports narrowed by $18.6 billion to a total of $59.6 billion.

Why This Matters for the Economy

A narrowing of the trade deficit can indicate an improvement in overall economic conditions, affecting everything from the level of prices paid at the store to job availability. 

The Trump administration introduced a series of new tariffs that month, and imports declined by more than 5% from the July reading, while exports increased slightly.

The August trade data, which had been delayed due to the government shutdown, follows a July reading that showed the trade deficit increased on higher imports ahead of the August tariff deadline.

Trade Data Could Indicate Stronger GDP

An improvement in the trade deficit could lead to a better result for the third-quarter gross domestic product. In fact, the Atlanta Federal Reserve has already updated its GDPNow projection tool to reflect the change in exports, moving its third-quarter GDP forecast up a tick to 4.2%.

The trade deficit has already contributed to the seesawing GDP readings this year. After Trump announced his initial tariff plans, many buyers rushed to beat the import taxes, sending the trade deficit higher in the first quarter and consequently leading to a 0.6% contraction in economic growth to start the year. However, as imports declined due to higher tariffs, GDP increased, reaching 3.8% in the second quarter.

And while the trade deficit narrowed in August, there’s still a way to go to make up for the import surge from earlier this year. Year-to-date through August, the U.S. trade deficit is at $142.5 billion, higher by 25% over the same period in 2024. 

Imports from Switzerland, Canada Fall Amid High Tariff Rates

The data also showed the trade deficit narrowing with nations where the Trump administration has levied higher tariffs. Canada, which faces a 35% tariff for products not covered by the USMCA trade agreement, has seen its imports to the U.S. fall by $1.7 billion. U.S. exports to Canada increased, helping to shrink the trade deficit with that country to $3 billion.

Meanwhile, Swiss imports to the U.S. cratered by $6.8 billion in August after Trump hit the watch- and chocolate-making nation with 39% tariffs. Those tariffs were recently reduced to 15% after negotiations between the two sides.

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Federal Reserve building in Washington, D.C., where policymakers debate future rate cuts.

Key Takeaways

• Chances of a Fed rate cut for December fell after minutes from the most recent Fed meeting revealed more members opposed another rate cut that month than were for it.
  
• Fed officials are divided about whether to lower rates to save the job market or keep them higher for longer to fight inflation.
  
• FOMC members are working with limited data because the government shutdown delayed or cancelled key economic reports.
  

A Federal Reserve rate cut in December is looking less likely as minutes from the Fed's most recent policy committee meeting show its members are sharply divided about how to proceed. 

The minutes, released Wednesday, reflected what Fed Chair Jerome Powell had described as "strongly different views" in a press conference following the committee's decision in October. At that meeting, members voted to lower the fed funds rate by a quarter point in an effort to boost hiring amid a job market slowdown.

"Several participants assessed that a further lowering of the target range for the federal funds rate could well be appropriate in December if the economy evolved about as they expected over the coming intermeeting period," the minutes said. "Many participants suggested that, under their economic outlooks, it would likely be appropriate to keep the target range unchanged for the rest of the year."

The minutes underscored the deep divisions among members of the Federal Open Market Committee as they grapple with a dilemma: whether to keep interest rates higher for longer to fight inflation, or lower them quickly to prevent a surge of unemployment.

The Fed is tasked with doing both, but persistently high inflation and slowing job growth are pushing the central bank in opposite directions. The chances of a rate cut in December fell to about one in three from fifty-fifty after the minutes came out, according to the CME Group's FedWatch tool, which forecasts rate movements based on fed funds futures trading data.

What This Means For The Economy

While the Fed's decision at its next meeting is far from a sure thing, the meeting minutes suggest FOMC members are growing more reluctant to cut interest rates as high inflation persists.

Only one member of the 12 had voted not to lower the fed funds rate, but the minutes showed others had argued against it.

"Many participants were in favor of lowering the target range for the federal funds rate at this meeting, some supported such a decision but could have also supported maintaining the level of the target range, and several were against lowering the target range," the minutes said.

The minutes suggest that Fed members are becoming more reluctant to cut rates as inflation exceeds the Fed's goal of a 2% annual rate for a fifth consecutive year, with little sign that it will fall to the target rate anytime soon.

Further complicating the Fed's decision-making was the 43-day federal government shutdown that ended last week. The shutdown shuttered statistical agencies and delayed, and in some cases canceled, key reports shedding light on the state of the economy.

The Bureau of Labor Statistics report on job creation and unemployment for November will be delayed until after the Fed's meeting Dec. 9 and 10, and its report for October was cancelled entirely.

"A very divided Fed has a tough decision to make, with just weeks before the next meeting and a lack of economic data to mull over," Priscilla Thiagamoorthy, an economist at BMO Capital Markets, wrote in a commentary.

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Walmart is slated to report its third-quarter results on Thursday.

Key Takeaways

• Walmart is scheduled to share its third-quarter results and discuss its outlook with investors early Thursday.
• The retailer will weigh in during a time when many are looking for more clarity on consumers' health. Given its scale, Walmart's results and outlook are a useful barometer.

Walmart's going through plenty these days—but so are its customers. Both topics are likely to take center stage when the retail giant reports its third-quarter results on Thursday.

The update comes during a time of transition for both the company and the economy. Walmart's (WMT) long-time CEO Doug McMillon will step down at the end of January and advise his replacement: John Furner, who has been with the company for some 45 years.

The company is switching CEOs during one of its most successful periods. Shares of Walmart hit an all-time high last month—though they've since fallen some 8%—after it said itwas working with OpenAI on reaching those shopping through ChatGPT. Walmart's e-commerce and delivery business has been booming, drawing in customers with larger incomes. The company has also gained market-share with middle- and low-income consumers.

But the company has also seen signs that consumers are growing cautious. Some middle- and low-income shoppers avoided items after their prices were pushed up by tariffs, McMillon said in August.

What This News Means for Investors

As one of the largest retailers in the country, Walmart has a window into how consumers are responding to the economy. The retailer has historically offered insight on how shoppers react to price increases and sales.

Americans have been exhibiting a range of reactions to an economy that's been hard to read, in part because data wasn't published during the government shutdown. Unemployment remains relatively low, but major companies have laid off thousands, and hiring as slowed. Tariffs are putting pressure on prices, but they haven't yet resulted in the inflation some expected.

Consumer sentiment crashed to a record low in November, though Americans continued to spend more on retail purchases. This could reflect the confidence, and spending, of wealthy consumers, who have benefitted from stock-market gains. They may cut back if the recent market slump persists.

Analysts expect Walmart to report $177.5 billion in revenue, a roughly 4.7% increase from a year earlier, according to a consensus analyst estimate compiled by Visible Alpha. They anticipate this shaking out to about $0.60 in earnings per diluted share, up from $0.58 a year earlier, per Visible Alpha. Same-store sales in the U.S. are expected to have risen about 3.9%, , according to consensus estimates from Visible Alpha.

Walmart is slated to release its numbers and address investors before the opening bell. Wall Street analysts are broadly optimistic about the stock, with all the analysts tracked by Visible Alpha holding bulling ratings.

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GE Vernova was the best-performing stock in the S&P 500 Wednesday

Key Takeaways

• An energy technology firm got a boost from an overseas sale, and a chip giant's shares rose ahead of its highly anticipated earnings report on Wednesday, Nov. 19, 2025.
• Shares of GE Vernova powered higher after the company signed its first wind repower agreement outside the U.S.
• Regulators in Connecticut voted to block Eversource Energy's sale of its water subsidiary, and shares of the utility company dropped.

Major U.S. equities indexes ticked higher Wednesday, with Nvidia (NVDA) rising 2.9% to lead chip stocks higher ahead of the AI darling's highly anticipated quarterly results after the bell.

The S&P 500 rose 0.4%, while the Dow Jones Industrial Average inched up 0.1% and the Nasdaq advanced 0.6%. See here for Investopedia's full daily market summary. 

Shares of GE Vernova (GEV), the energy technology company spun off from GE in April 2024, surged 7.3% after the company announced its first wind repower upgrade agreement outside the U.S. Under the deal, GE Vernova will provide 25 wind repower upgrade kits, used to modernize and extend the operational life of aging wind turbines, to Taiwan Power Company.

Constellation Energy (CEG) shares jumped 5.3% after the Department of Energy said it had provided a $1 billion loan to fund the utility company's plan to restart a decommissioned nuclear reactor at the Pennsylvania site formerly known as Three Mile Island. Constellation entered a deal last year with Microsoft (MSFT) to resume operations at the nuclear facility to help power the software giant's energy-intensive data centers.

Lowe’s Companies (LOW) reported better-than-expected adjusted profit for the third quarter, and shares of the home improvement retailer climbed 4%. The company highlighted an increase in online sales, strength in its business with professional contractors, and growth in "home services," a program that connects customers with licensed professionals for help with installation and remodeling projects. The strong report from Lowe's came a day after rival Home Depot (HD) missed quarterly earnings forecasts and cut its outlook, citing headwinds related to economic uncertainty and the housing market.

Shares of Google parent Alphabet (GOOGL, GOOG) gained 2.8% to close at an all-time high after the tech giant launched Gemini 3, its latest artificial intelligence model. Several analysts praised the newest version, saying it competes with state-of-the-art models from competitors like OpenAI and Anthropic. Wednesday's move into record territory followed gains earlier in the week after Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) disclosed a stake in Alphabet.

Eversource Energy (ES) stock dropped 12.5%, losing the most of any stock in the S&P 500, after regulators in Connecticut rejected the utility company's proposed sale of its Aquarion Water subsidiary to a newly created quasi-public entity for $2.4 billion. The state's Public Utilities Regulatory Authority voted unanimously to block the transaction, determining that it failed to meet the proper standards for managerial sustainability.

A pair of agricultural giants came under pressure following reports that the Trump administration may delay proposed cuts to incentives for biofuel imports. Shares of Archer-Daniels-Midland (ADM) and Bunge (BG), which process commodities like corn and soybeans into biofuel, slipped 3.8% and 3.1%, respectively.

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The "One Big, Beautiful Bill" will make it harder for some graduate students to take out federal loans.

KEY TAKEAWAYS

• The Grad PLUS program will be sunset starting the next school year. At the same time, some graduate students will see the amount they can borrow at the federal level reduced.
• Before taking out loans, graduate students should explore grants and scholarships, as well as opportunities to work for their school and federal tax breaks. If those options are exhausted, state-based and private lenders provide alternative options to federal student loans.

Starting next school year, graduate students will no longer have access to a key federal loan program to help them pay for their education, and many will need to find other options to finance their graduate degrees.

The "One Big, Beautiful Bill" has reduced the amount of loans students and their families have access to for all kinds of education costs.

Graduate students of all kinds will be affected, since the legislation eliminates their ability to take out Grad PLUS loans. In the 2024-25 award year, about 545,000 graduate students had a PLUS loan.

Who Is Affected

Students who have taken out a Grad PLUS loan before July 1, 2026, can still borrow PLUS loans for up to three more years, or until their program ends.

Additionally, starting in the 2026-27 academic year, non-professional graduate students will be limited to borrowing up to $100,000. Professional graduate students, including those studying medicine and law, can borrow a maximum of $200,000 in unsubsidized loans throughout their educational career.

Why This Matters

Limited access to federal loans for graduate students might force them to take out more expensive loans, with unfavorable interest rates or terms. That could leave them with debt for many years and could lead them to become delinquent or default on their loans, ultimately harming their personal finances for years to come.

These new limits replace the previous $150,000 cap, which applied to all graduate students. This new limit for non-professional graduate students is unlikely to impact many, since the average non-professional graduate student holds $80,550 in student debt after adjusting for inflation, according to the National Center for Education Statistics.

However, it may leave a coverage gap for professional graduate students, since many would have used the now-defunct Grad PLUS loan program to cover the remaining balance of their education. Medical students, whose degree costs on average $232,100, will find it especially challenging to finance their education.

"More of them are going to have to turn to the private sector and to look for either other types of loan programs or, better yet, for additional grant or scholarship funding," said Gail daMota, president of the Education Finance Council, a trade association representing nonprofit and state-based student loan organizations.

However, there are steps graduate students can take before they get a private loan to cover the gap. And if they must take out another loan to pay for their graduate studies, there are strategies to help navigate that landscape.

Before You Take Out Loans

Before taking out federal or non-federal loans, experts recommend exploring scholarships and grants from institutions, state and federal governments, and third-party organizations.

Graduate students also typically have employment options at their university, working as research or teaching assistants. In fact, those types of jobs can lead to more grants and scholarships, such as funding from the federal work-study program.

If a graduate student is working for a company instead, they should check if their employer has a tuition reimbursement program, daMota said. Students can receive up to $5,250 of employer-provided education assistance tax-free, which can be used toward books and supplies, tuition and fees, and student loan payments.

Additionally, the Lifetime Learning Credit is available to single taxpayers with an income of less than $90,000 and to those who file jointly with an income of less than $180,000. This tax credit allows undergraduate and graduate students to subtract a maximum of $2,000 of education expenses annually from their taxes.

If You Must Take Out Loans

If a graduate student still can't afford their tuition after exhausting all available grants, scholarships, and federal loans, private student loans can be a viable option. However, students should always be cautious about what kind of loan they are taking out.

When considering non-federal student loans, daMota suggests starting with state and nonprofit lenders. These types of loans typically use tax-exempt financing, known as qualified student loan bonds.

State and nonprofit lenders who use these bonds must set the interest rate for student loans at no more than 2 percentage points above the yield on the bonds. This is similar to how federal student loan interest rates are determined, and typically results in lower rates than those of private loans.

"Many of the non-profits and state-based organizations also manage the 529 plans and the scholarship programs for the state," daMota said. "By reaching out to those organizations, the student can also perhaps find some free financial assistance, reducing their need for student loans."

For-profit private student loan lenders can also be helpful for many graduate students, but borrowers need to understand the details of their loans, experts said. The most important thing is to confirm the loan interest rate before committing to a loan with the lender.

In some cases, private student loans can be more flexible than state or federally backed loans and may offer lower interest rates than Grad PLUS loans, said Bethany Hubert, a college lending and financial aid specialist at Going Merry, a branch of Earnest, a private student loan lender. State lenders may also be restricted by location and can only lend money to students who are going to school in-state.

"[Private student loans] can offer competitive interest rates, no fees, and flexible repayment options designed for borrowers still in school or early in their careers," Hubert said.

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Alphabet stock has risen about 55% since the start of the year, more than any other Magnificent Seven stock.

Key Takeaways

• Alphabet stock rose Wednesday, extending a recent rally that's made it the best-performing member of the Magnificent 7 so far this year.
• Google on Tuesday released Gemini 3, the latest iteration of its flagship AI model. And Berkshire Hathaway surprised Wall Street earlier this week when it revealed a $5 billion bet on the tech giant.

Alphabet has its groove back. 

Shares of Alphabet (GOOG, GOOGL) were up nearly 4% in Wednesday afternoon trading, pacing the Magnificent Seven as tech stocks found some footing after days of declines. The gains put Alphabet stock up about 55% since the start of the year, nearly 20 percentage points better than the Mag 7’s next-best performer, Nvidia (NVDA). Halfway through the year, it was in the red.

Tech stocks have been pressured this month by anxiety about the sector's big investments in AI, but Alphabet is bucking the trend: Heading into Wednesday’s session, it was the only Mag 7 stock up since the start of November.

Why This Matters to Investors

The hottest Magnificent 7 stock this year is Nvidia, right? Nope: It's Alphabet, the Google parent that has lately gotten a lift from two rather disparate sources. One was Warren Buffett, the legendary investor whose company recently took a stake—and the other was optimism about the latest version of its Gemini AI model.

Two developments have helped power the stock higher lately. Alphabet on Tuesday released Gemini 3, the latest iteration of its flagship AI model. Executives at Google DeepMind, the company's AI unit, called Gemini 3 “the best model in the world for multimodal understanding and our most powerful agentic and vibe coding model yet.” 

“I was impressed by it,” Ben Reitzes, head of tech research at Melius, said of Gemini 3 during an appearance on CNBC Wednesday. “I think it's a big leap from the prior models.” Reitzes said that investors were likely surprised by Alphabet’s claim yesterday that the Gemini app has more than 650 million monthly users, suggesting a strong competitive position.

Alphabet stock also got a boost earlier this week from an unlikely source. Berkshire Hathaway (BRK.B) revealed it made a rare bet on tech with a nearly $5 billion investment in Alphabet last quarter, linking the stock to legendary investor and longtime CEO Warren Buffett, who is stepping down at the end of the year. 

What Wall Street Thinks of Google Stock Now

The AI rally stalled in recent weeks amid concerns about overvalued tech stocks and unsustainable infrastructure spending. Some investors fear future AI demand will fail to meet Silicon Valley's expectations, leaving tech companies like Microsoft (MSFT), Amazon (AMZN), Meta (META), and Oracle (ORCL) with a glut of data center capacity and, possibly, mountains of debt. Those concerns have prompted some to bet against big tech stocks.

Alphabet's earnings report at the end of October may have allayed some of those fears, at least as they pertain to Google. Alphabet raised its full-year investment forecast for the third time this year, and reported that growth accelerated across the company. The results assured some investors that, contrary to expectations, AI is enhancing Google's core search business.

Experts are generally optimistic about the outlook for Alphabet stock. Twelve of the 15 analysts with current ratings tracked by Visible Alpha recommend buying the stock, and the remainder rate it a "hold." Their average price target of $324 implies about 14% upside from Tuesday's close.