Nasdaq Composite steadies near 24,000 amid Big Tech earnings split and Powell tone

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Nasdaq steadies near 24,000

- Alphabet’s strong quarter offsets Meta’s weakness, keeping the Nasdaq supported above the 20-EMA.

- Powell’s cautious remarks reduce December rate-cut odds and cool broader market enthusiasm.

On Wednesday, the Federal Reserve delivered an anticipated 25-basis-point rate cut, lowering the benchmark range while acknowledging the difficulty of assessing the economy due to gaps in official data caused by the ongoing government shutdown. Fed Chair Jerome Powell’s comments proposed a more measured approach to further easing. He noted that policymakers could adopt a slower pace if inflation and labor data remain uncertain. Those remarks prompted traders to reduce expectations for another rate cut in December, scaling back the probability from 90% earlier in the week to about 70%.

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

The restrained policy outlook has limited the market’s upward momentum despite several supportive developments. One of the biggest drivers of volatility in Thursday’s premarket session came from corporate earnings. Alphabet shares surged more than 7% after reporting quarterly revenue of $102.3 billion, marking the company’s first-ever quarter above $100 billion and beating forecasts on both revenue and profit. This strong performance helped offset part of the weakness seen in other major technology names.

Alphabet’s $102.3B revenue beats offset Meta’s losses and mixed tech sector tone

Meta Platforms fell 7% in premarket trading after reporting solid revenue growth but higher expenses and a one-time charge that clouded its results. Microsoft also posted better-than-expected earnings and strong cloud revenue growth, yet its shares slipped in after-hours trading. Together, these mixed reports kept investors cautious and limited enthusiasm for a broader rally.

Technically, the Nasdaq Composite Index is being supported by the 20-EMA on the hourly chart, which has helped prevent a deeper pullback in premarket trading. If that level continues to hold, the index could attempt to lift toward 24,100 later in the session. However, the combination of Powell’s less dovish tone and uneven Big Tech results suggests that the Nasdaq may stay inonsolidation near its 24,000 all-time high until traders gain greater clarity from economic data and market leadership stabilizes across the sector.

Recently, we discussed Nvidia leading tech stocks higher after revealing $500 billion in AI chip bookings. Fed’s expected rate cut and strong earnings were projected to push the Nasdaq toward the 25,000 milestones.

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