Nasdaq rally extends toward 23,120 record as upbeat earnings lift sentiment

Traders Union
All News
Financial News
Nasdaq rally extends toward 23,120 record

Highlight

Nasdaq bulls eye 23,120 record high as EMAs crossover reinforces short-term structure.

Renewed buying momentum builds, backed by earnings optimism and easing credit fears.

Forward guidance, not earnings beats, now dictates Nasdaq’s ability to sustain near-term highs.

From a technical standpoint, the rally triggered a bullish crossover on the one-hour chart where the 20 EMA moved above the 50 and 100 EMAs, reinforcing near-term momentum. The 20 EMA is now offering support around the 22,800 level. A sustained close above 23,000 could pave the way for a fresh all-time high, which is less than 0.5% away. The short-term structure favours buyers as long as the index holds above its immediate support zone.

Nasdaq price dynamic (Sept - Oct 2025). Source: Tradingview

In Tuesday’s early session, Nasdaq futures traded slightly lower by 0.3% as investors shifted focus to a busy day of corporate earnings. General Motors slipped 2.1% in premarket trade ahead of its results, while 3M gained 1.1% before reporting. Netflix edged higher ahead of its after-hours release. Among mega-cap names, Apple eased 0.2% following Monday’s record high, Meta added 0.3%, and Alphabet dipped 0.4%. The mixed tone reflects investors’ selective positioning as they await key earnings reports to gauge the resilience of corporate margins and revenue outlooks.

Trump’s China trade optimism steadies sentiment before key tariff deadline

Fundamentally, the market’s advance has been fuelled by optimism surrounding corporate profitability and progress in trade negotiations. However, analysts caution that given the stretched valuations and proximity to record highs, earnings beats alone may not sustain the rally. Investors are paying closer attention to forward guidance as inflation pressures and trade-related risks persist.

Uncertainty surrounding the potential U.S. government shutdown has added another layer of hesitation. Delays in economic data releases are clouding the near-term outlook, making it harder for investors to assess economic health. Nonetheless, comments from U.S. President Donald Trump expressing optimism about a trade deal with China before the November 1 tariff deadline have helped stabilise sentiment. Treasury Secretary Scott Bessent’s planned meeting with Chinese Vice Premier He Lifeng this week will be closely watched for further clues.

If the bullish tone reasserts itself during the cash session, the Nasdaq Composite could extend toward new record highs, consolidating its leadership among global equity benchmarks.

We discussed the Nasdaq consolidating above daily EMAs as traders awaited corporate earnings catalysts. A dovish Fed tone and easing expectations kept sentiment positive through an earnings-heavy week.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.