Nasdaq Composite consolidates near 23,430 as traders await PCE and GDP reports

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Sholanke Dele

23.12.2025

Nasdaq Composite consolidates near 23,430 as traders await PCE and GDP reports — Nasdaq holds near 23,430

The Nasdaq Composite Index is consolidating near 23,430 in Tuesday’s premarket session, holding close to the previous day’s close as market participants adopt a wait-and-see approach ahead of several key macroeconomic data releases. These include the ADP private payrolls, PCE inflation metric, delayed Q3 GDP data, and the latest consumer confidence figures, all set for release during the North American cash session. The cluster of data has created a sense of temporary indecision across equity markets following Monday’s advance.

Highlights

Nasdaq holds near 23,430 as traders brace for GDP and inflation data
The index may rise toward 23,700 if GDP data support rate cut expectations
Strong economic prints risk pushing yields higher and reversing Monday’s market gains

On Monday, the Nasdaq Composite rose 0.5% to close at 23,480, pushing beyond the previous week’s high. The rally was broad-based, not driven only by mega-cap tech names, suggesting a wider appetite for risk. Chipmakers such as Nvidia and Micron Technology recorded gains, lifting the tech segment. Outside of tech, sectors like financials, energy, and materials also posted strong performances. Only consumer staples lagged, reflecting the market’s shift toward growth-sensitive assets.

Nasdaq Composite price chart (Aug - Dec 2025). Source: Tradingview

Following Monday’s move, the Nasdaq Composite has turned slightly positive for the month, now reading a 0.25% monthly gain. However, the index still trades 1.2% below the current December high of 23,700 and 2.5% below its all-time high at 24,000. Whether the current rebound from last week’s low at 22,700 is the beginning of another breakout or a temporary stretch near cycle exhaustion remains a key market debate.

Nasdaq outlook hinges on today’s PCE inflation and Q3 GDP report

From a technical perspective, momentum has flipped bullish. The RSI on the daily chart has climbed to 55, rising above its average level. This shift from bearish to bullish RSI territory supports the view that underlying strength may be building. Still, the durability of this move will depend on how markets interpret today’s economic data.

Expectations for the Q3 GDP print stand at 3.3% annualized growth, a step down from 3.8% in Q2. PCE data is forecast at 2.8%, compared to the previous 2.1%. If both figures come in softer than forecast, traders may lean further into rate cut bets. This could help lift the Nasdaq Composite closer to the 23,700 zone. On the other hand, a stronger inflation or growth print may push yields higher and delay policy easing. In that scenario, risk assets could pull back, and Monday’s gains may not hold through the week.

In recent analysis, we discussed how the Nasdaq Composite built momentum toward 23,700 as tech strength revived buying interest. Volume surge and RSI shift confirmed a bullish reversal, while Micron’s outlook and softer inflation boosted risk appetite.

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