Date: 29th October 2025.
NASDAQ Forecast: Earnings And Market Drivers.
The NASDAQ climbed to a new all-time high on Tuesday and surpassed the DAX for the first time in 2025. The NASDAQ is now the second best-performing index of the year so far, behind the Nikkei225 and slightly ahead of the German DAX. The bullish price movement gathered momentum after NVIDIA’s CEO expressed optimism about the artificial intelligence (AI) and Technology sectors.
The trend was also fuelled by expectations of easing US–China trade tensions. Optimism grew further ahead of major quarterly earnings reports from leading technology companies.
Market participants are focusing on the quarterly earnings reports from the ‘Magnificent-Seven’. After the market closes, Microsoft, Alphabet and Meta will all release theirearnings reports. The most influential report will be from Microsoft and Alphabet due to holding a higher weight. Together, the three companies hold a weight of 25%.
One of the reasons why Microsoft has seen stronger gains over the past 24 hours is the new agreement with OpenAI. The new agreement allows the ChatGPT creator to shift from its non-profit origins and prepare for a potential IPO to fund Sam Altman’s ambitious AI and data centre plans. Under the new structure, OpenAI will operate as a public benefit corporation still overseen by a nonprofit. Altman stated that an IPO is the most likely route to raise the funds needed for advanced AI development.
Microsoft stocks are also rising a further 0.50% during this morning’s pre-market trading session.
Investor sentiment has improved significantly with President Trump’s Asia tour, his agreement with China, and the upcoming meeting with President Xi. However, another key price driver has been NASDAQ’s most influential stock: NVIDIA. NVIDIA’s CEO, Jensen Huang, told journalists that he has no concerns about an artificial intelligence (AI) bubble.
Mr Huang stated that NVIDIA's latest chips remain strong and on schedule. He also revealed that, due to US export controls, NVIDIA’s market share in China has dropped from 95% to effectively zero, remarking ‘we are 100 % out of China.’
NVIDIA’s stocks rose 4.98% on Tuesday and have since gained a further 1.69% during this morning’s Asian Session. NVIDIA is due to release its quarterly earnings report on 19 November after the market closes. The stock has risen 45% so far in 2025.
Investors are focused on tonight’s US Federal Reserve meeting, where a 25-basis-point rate cut from 4.25% to 4.00% is widely expected to support a cooling labour market. With inflation steady at 3.0%, the Fed has room to ease policy, although uncertainty remains due to limited economic data. Markets will also watch for signals of another potential rate cut later this year and in January.
NASDAQ Daily Chart
The NASDAQ continues to form higher highs and higher lows following the classic bullish trend pattern. The index is also trading above the main trendlines as well as above the day’s volume-weighted average price (VWAP). Most momentum-based indicators continue to point towards further upward price movement.
However, investors should also be aware of the risks associated with the prices trading at all-time highs as well as a potential change in sentiment if earnings reports fail to meet expectations. A decline of more than 5% would suggest that the upward trend may be at risk.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
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Michalis Efthymiou
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
NASDAQ Forecast: Earnings And Market Drivers.
The NASDAQ climbed to a new all-time high on Tuesday and surpassed the DAX for the first time in 2025. The NASDAQ is now the second best-performing index of the year so far, behind the Nikkei225 and slightly ahead of the German DAX. The bullish price movement gathered momentum after NVIDIA’s CEO expressed optimism about the artificial intelligence (AI) and Technology sectors.
The trend was also fuelled by expectations of easing US–China trade tensions. Optimism grew further ahead of major quarterly earnings reports from leading technology companies.
Market participants are focusing on the quarterly earnings reports from the ‘Magnificent-Seven’. After the market closes, Microsoft, Alphabet and Meta will all release theirearnings reports. The most influential report will be from Microsoft and Alphabet due to holding a higher weight. Together, the three companies hold a weight of 25%.
- Microsoft - Rose +1.98% on Tuesday - Earnings Per Share Prediction = $3.65
- Alphabet - Fell .67% on Tuesday - Earnings Per Share Prediction = $2.26
- Meta - Rose +0.08% on Tuesday - Earnings Per Share Prediction = $6.61
One of the reasons why Microsoft has seen stronger gains over the past 24 hours is the new agreement with OpenAI. The new agreement allows the ChatGPT creator to shift from its non-profit origins and prepare for a potential IPO to fund Sam Altman’s ambitious AI and data centre plans. Under the new structure, OpenAI will operate as a public benefit corporation still overseen by a nonprofit. Altman stated that an IPO is the most likely route to raise the funds needed for advanced AI development.
Microsoft stocks are also rising a further 0.50% during this morning’s pre-market trading session.
Investor sentiment has improved significantly with President Trump’s Asia tour, his agreement with China, and the upcoming meeting with President Xi. However, another key price driver has been NASDAQ’s most influential stock: NVIDIA. NVIDIA’s CEO, Jensen Huang, told journalists that he has no concerns about an artificial intelligence (AI) bubble.
Mr Huang stated that NVIDIA's latest chips remain strong and on schedule. He also revealed that, due to US export controls, NVIDIA’s market share in China has dropped from 95% to effectively zero, remarking ‘we are 100 % out of China.’
NVIDIA’s stocks rose 4.98% on Tuesday and have since gained a further 1.69% during this morning’s Asian Session. NVIDIA is due to release its quarterly earnings report on 19 November after the market closes. The stock has risen 45% so far in 2025.
Investors are focused on tonight’s US Federal Reserve meeting, where a 25-basis-point rate cut from 4.25% to 4.00% is widely expected to support a cooling labour market. With inflation steady at 3.0%, the Fed has room to ease policy, although uncertainty remains due to limited economic data. Markets will also watch for signals of another potential rate cut later this year and in January.
NASDAQ Daily Chart
The NASDAQ continues to form higher highs and higher lows following the classic bullish trend pattern. The index is also trading above the main trendlines as well as above the day’s volume-weighted average price (VWAP). Most momentum-based indicators continue to point towards further upward price movement.
However, investors should also be aware of the risks associated with the prices trading at all-time highs as well as a potential change in sentiment if earnings reports fail to meet expectations. A decline of more than 5% would suggest that the upward trend may be at risk.
- NASDAQ hits a new all-time high, surpassing the DAX and becoming 2025’s second-best-performing index behind the Nikkei 225.
- Tech optimism surges after NVIDIA’s CEO dismisses AI bubble fears, while Microsoft and OpenAI announce a major restructuring deal.
- Focus shifts to ‘Magnificent Seven’ earnings, with Microsoft, Alphabet, and Meta expected to drive short-term NASDAQ momentum.
- The Federal Reserve meeting remains in focus, with a 25-basis-point rate cut expected and investors watching for signals of further easing.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
Michalis Efthymiou
HFMarkets
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
