Nasdaq Composite hits four-week high as Meta and Salesforce spark premarket rally

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Nasdaq gains in premarket before PCE data

Highlights

Nasdaq futures rise 0.5% as breakout above 23,570 signals renewed bullish sentiment.
RSI strength and supply zone breakout confirm bullish setup ahead of Core PCE data.
Meta’s budget cuts and Salesforce guidance lift Nasdaq toward potential record high test.

The lift has now pushed the index beyond the 23,570 supply zone that was created during the November downtrend. The breakout places the Nasdaq at a four-week high above 23,600 and less than 2% away from its record high of 24,000.

Thursday’s intraday weakness was driven by Amazon’s 1% decline, which weighed on the broader tech-heavy index. However, buyers stepped in at the 1-hour 20 EMA near 23,400 and triggered a late-session rebound to the session close at 23,500. That price action provided the lift for Friday’s premarket surge, which has now invalidated the previous resistance range.

Nasdaq price dynamic (July - Dec 2025). Source: Tradingview

The current bullish momentum has been driven by a concentrated move in select mega-cap tech names. Meta jumped 3.4% after reports of a 30% cut to its metaverse budget, signalling a pivot in capital allocation. Salesforce also gained 3.7% after raising its full-year guidance, highlighting strong traction from its AI product suite. These developments helped push the Nasdaq index higher, despite mixed sentiment in broader equities.

Core PCE data set to test the strength of Nasdaq pre-market gains

Market attention is now fixed on the Core PCE Price Index report, due later in the U.S. session. It is the Federal Reserve’s preferred inflation gauge and could decide whether this early rally continues or fades. A hotter reading above the 0.2% forecast would dampen expectations for a near-term rate cut, boosting yields and weighing on growth stocks. In that scenario, a retracement back toward the 1-hour 20 EMA at 23,400 would become likely.

A softer inflation print would revive rate cut optimism and reinforce the current uptrend. That would extend the Nasdaq’s week-to-date gains beyond 1% and open the door for a test of the all-time high at 24,000. Technical momentum supports that outlook, as both the 4-hour and daily RSI have tilted into bullish territory since late November. The breakout above the supply zone and the shift in RSI both strengthen the bullish structure ahead of the inflation data release.

In recent analysis, we discussed how the Nasdaq Composite held near 23,500 as traders awaited jobless claims to confirm breakout direction. RSI and EMA alignment showed buyers maintained control while a supply zone capped near-term upside.

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