Nasdaq Composite targets 24,000 as Q3 earnings and Fed cut expectations lift sentiment

Traders Union
All News
Financial News
Nasdaq composite eyes 24,000

All news

Top Stories

Editors' Picks

Stocks

Crypto

Economics

Currencies

Commodities

Market Voices

Companies

Sholanke Dele

29.10.2025

Nasdaq Composite targets 24,000 as Q3 earnings and Fed cut expectations lift sentiment — Nasdaq Composite extends weekly rally

The Nasdaq Composite Index continued its upward climb on Wednesday, extending a powerful rally from a low on October 23. Over the past week, the index has advanced more than 6%, rising from a low near 22,500 to above 23,900 as strong corporate earnings and anticipation of a Federal Reserve rate cut fuel optimism across technology shares. In today’s premarket session, Nasdaq 100 E-mini futures gained another 0.5%, setting the stage for a potential test of the key 24,000 psychological level.

- Nvidia leads tech stocks higher after revealing $500B AI chip bookings and new supercomputers.

- Fed’s expected rate cut and strong earnings could push Nasdaq toward 25,000 milestone target.

- Alphabet, Meta, and Microsoft earnings expected to shape Nasdaq’s short-term rally outlook.

The rally has been largely driven by the Magnificent Seven companies, whose collective performance continues to define the broader index. Nvidia led premarket activity, climbing 3% after CEO Jensen Huang announced $500 billion in AI chip bookings and plans to build seven supercomputers for the U.S. government. These announcements have further cemented Nvidia’s leadership in the AI sector and positioned the company to potentially surpass a $5 trillion market value.

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

Alphabet, Meta Platforms, and Microsoft also contributed to early market strength, rising 0.6%, 0.3%, and 0.3% respectively in premarket trading. All three companies are scheduled to release their quarterly results later today. Investors are bracing for what could be one of the most influential earnings sessions of the year, as the trio’s combined market weight has the potential to dictate whether the Nasdaq breaks above the 24,000 level or stalls below it. However, analysts note that earnings beats alone may not suffice to sustain the rally. The focus has shifted to management commentary regarding artificial intelligence spending, profit margins, and the sustainability of long-term growth.

Fed decision and tech earnings could determine if Nasdaq sustains current rally

The day also carries heavy macroeconomic significance. The Federal Open Market Committee will announce its latest decision at 2:00 p.m. ET. Markets are pricing in a quarter-point rate cut — the second this year, as policymakers seek to support growth in the face of limited economic data caused by the ongoing government shutdown. The lack of official economic reports has forced investors to rely on corporate earnings and private data to gauge the health of the economy.

If the Fed confirms the expected rate cut and earnings from Alphabet, Meta, and Microsoft exceed expectations, the Nasdaq Composite Index could surge above 24,000 and target 25,000. Such a combination would reinforce the narrative that both monetary and corporate drivers are aligning in favor of a sustained rally in high-growth technology stocks.

We discussed the Nasdaq surging 2% to 26,000 after a U.S.–China tariff framework sparked investor optimism. Fed meeting and major tech earnings were expected to shape Nasdaq’s near-term direction.

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.