Nasdaq Composite edges near record high as Intel earnings fuel premarket rally

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Sholanke Dele

24.10.2025

Nasdaq Composite edges near record high as Intel earnings fuel premarket rally — Nasdaq face resistance at record high

Nasdaq Composite futures rose 0.4% or about 100 points in Friday’s premarket session, testing the all-time high area as the index extended its steady uptrend from midweek.

The move follows a rebound from the lower trendline of a bullish channel that has guided price movement since the previous week. The structure of higher highs and higher lows within this channel continues to define the ongoing advance, reflecting sustained buying momentum.

- Nasdaq futures advance 0.4% testing record levels as Intel’s earnings spark renewed optimism.

- RSI above midpoint supports ongoing Nasdaq rally within ascending bullish channel formation.

- CPI data and upcoming tech earnings reports to determine Nasdaq’s near-term market direction.

Since midweek, the Nasdaq has been rising in an intraday uptrend after bouncing on the channel’s support base. That rebound led to another higher high formation within the same channel, suggesting that buyers have reasserted control ahead of key macroeconomic and earnings events. Technical traders see this structure as a continuation pattern, and the RSI on intraday charts stays above the midpoint, confirming the short-term bullish bias.

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

Today’s premarket strength has been driven by corporate earnings, particularly from Intel. The chipmaker’s stock surged 8.4% after reporting stronger-than-expected third-quarter profits, sparking optimism across the semiconductor sector. AMD gained 1.5% while Micron Technology advanced 2.5%, reinforcing the upward tone in tech stocks. The strong performance across chipmakers added renewed momentum to the Nasdaq’s ongoing rally as investors responded to the positive earnings wave.

Traders eye Apple and Microsoft earnings to sustain the Nasdaq advance

Intel’s earnings beat has also set the tone for a busy week ahead. Five of the ‘Magnificent Seven’ technology giants, including Apple and Microsoft, are scheduled to report their results next week. Traders expect these reports to show further strength in AI-related spending and cloud demand, reinforcing market optimism and potentially sustaining the index’s bullish channel structure.

Attention is also turning toward the U.S. inflation data scheduled for release at 8:30 a.m. ET. The year-on-year CPI forecast stands at 3.1% compared to the previous 2.9%. The result of this report could influence the Federal Reserve’s rate outlook, as the government shutdown has delayed several key economic indicators. A reading higher than forecast could strengthen the dollar index and temper stock gains, while a softer figure could encourage further upside in equities.

Investors have already priced in a 25 basis point rate cut for next week and anticipate another by December. However, a surprise increase in core inflation could disrupt those expectations and trigger short-term volatility. For now, the combination of strong corporate earnings and a bullish technical setup keeps Nasdaq’s upward trajectory intact as the index edges closer to record territory.

We discussed Nasdaq consolidating near 23,000 as weaker Netflix and chip results limited investor optimism. Tesla earnings were expected to determine whether Nasdaq could break 23,000 resistance.

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