Nasdaq Composite consolidates for third day amid capital rotation from tech stocks

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Nasdaq trades flat between 23,570 and 23,280

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Sholanke Dele

13.11.2025

Nasdaq Composite consolidates for third day amid capital rotation from tech stocks — Nasdaq moved sideways for three sessions between 23,570 and 23,280

The Nasdaq Composite Index traded flat on Thursday as investors assessed the impact of the official end to the United States government shutdown and awaited the return of key economic data releases. The index has been locked in a sideways consolidation for three consecutive sessions between 23,570 and 23,280, reflecting indecision after a strong rebound earlier in the month.

- Nasdaq moved sideways for three sessions between 23,570 and 23,280 amid data delays.

- Converging 20, 50, and 100 EMAs created a firm support base for the index.

- Traders await fresh U.S. data next week to confirm Nasdaq’s breakout direction

The consolidation zone is clearly visible on the hourly chart, where the 20, 50, and 100 EMAs have converged to form a solid base of support. This technical alignment has so far contained volatility, keeping price action stable while traders weigh the next macro drivers. The Nasdaq futures price showed limited movement through the European session, suggesting that investors are refraining from directional positioning until new data provides clarity on economic direction.

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

Market sentiment this week has been influenced by President Donald Trump’s signing of a bill that officially ended the longest government shutdown in U.S. history. The reopening of government operations is expected to release a backlog of economic reports that had been delayed for more than six weeks.

These include key indicators such as employment and inflation data, which will help both the Federal Reserve and market participants gauge the true state of the economy. However, government officials have indicated that certain October reports, such as those on employment and consumer prices, may never be released due to data collection disruptions during the shutdown.

Reopening of U.S. government revives optimism for recovery in consumer stocks

The partial resumption of data releases is expected early next week, and traders are positioning for potential market-moving surprises. On Wednesday, investors rotated into sectors that stand to benefit most from renewed government activity, including banks, airlines, and consumer goods companies. The move reflected expectations that a reopened economy will revive travel demand and household spending. However, that sector rotation came at the expense of major technology names such as Tesla, Meta, and Amazon, which slipped as investors temporarily shifted capital away from high-valuation growth stocks.

The recent underperformance of large-cap tech has kept the Nasdaq subdued, limiting the index’s ability to extend its rally. Market participants are now focused on the index will break out of its consolidation range. A sustained move above 23,570 could open the path toward the all-time high near 24,000, while a drop below 23,280 would signal renewed weakness and expose the 23,000 psychological support zone. For now, the Nasdaq’s near-term direction depends heavily on how upcoming macro data shape expectations for the Federal Reserve’s next policy decision.

We discussed how the Nasdaq Composite rose 0.66% as weak ADP data boosted December rate cut hopes. The index reached a five-day high as traders anticipated further gains from improving sentiment.

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