The Nasdaq 100 CFD Index soared on October 24, 2025, driven by easing US-China trade tensions and softer US core CPI data, boosting rate cut expectations. This week is pivotal, featuring Q3 earnings from big tech and key economic data.
Chart of the week: Nasdaq 100
Key takeaways
- Nasdaq 100 hits fresh record high: The US Nasdaq 100 CFD Index reached an all-time closing high of 25,393 on 24 October 2025, driven by easing US-China trade tensions and softer US core CPI data, which boosted expectations of future Fed rate cuts.
- Mega-cap earnings and Fed decision in focus: The upcoming Q3 earnings from Microsoft, Meta, Alphabet, Apple, and Amazon, which make up 41% of the Nasdaq 100, alongside the Fed policy announcement and the Trump-Xi trade meeting, mark a pivotal week for market sentiment.
- Uptrend supported by strong fundamentals and breadth: A rebound in EPS growth to 16% y/y and improving market breadth signal continued bullish momentum, with 24,270 as key medium-term support sustaining the index’s uptrend toward higher Fibonacci resistance zones.
The US Nasdaq 100 CFD (a proxy of the Nasdaq 100 E-mini futures) has continued to soar higher and hit another fresh all-time closing high of 25,393 on last Friday, 24 October 2025, on the backdrop of easing US-China trade tensions and a dip in US core CPI data for September that increases the odds of more interest rate cuts by the US Federal Reserve in 2026.
This week will be pivotal for the US Nasdaq 100 CFD Index, with four major technology giants set to report their Q3 earnings. Microsoft, Meta Platforms, and Alphabet will announce results on Wednesday, 29 October (after the US close), followed by Apple and Amazon on Thursday, 30 October (after the US close). Collectively, these five mega-cap stocks account for approximately 41% of the Nasdaq 100’s total market capitalization, underscoring their outsized influence on the index’s direction.
In addition, the US Federal Reserve will announce its latest monetary policy decision, followed by a press conference on Wednesday, 29 October. Thereafter, US President Trump and Chinese President Xi have an in-person trade negotiation meeting on Thursday, 30 October, in South Korea.
Let’s now examine the movement of the US Nasdaq 100 CFD Index from both fundamental and technical analysis perspectives.
Nasdaq 100’s 12-month forward EPS annual growth has increased
Fig. 1: Nasdaq 100 12-month forward EPS growth y/y as of 1 Oct 2025 (Source: MacroMicro).
The year-on-year growth rate of the 12-month forward earnings per share (EPS) for the Nasdaq 100 has recovered after decelerating from 30.8% in May 2024 to 12.5% in May 2025. The 12-month earnings growth rate has increased to 16% y/y in October (see Fig. 1).
A consistent increase in the annual growth rate suggests a positive EPS outlook for Nasdaq 100 companies, which in turn supports a medium-term and major uptrend phase for the US Nasdaq 100 CFD Index.
Bullish market breadth for Nasdaq 100
Fig. 2: Market breadth of Nasdaq 100 (% of stocks above 20-day/50-day MA) as of 24 Oct 2025 (Source: TradingView).
Fig. 3: US Nasdaq 100 CFD Index medium-term trend as of 27 Oct 2025 (Source: TradingView).
Market breadth has turned bullish for the Nasdaq 100. The percentage of stocks that are trading above their respective 20-day moving averages jumped from 28% to 67%, and the percentage of stocks trading above 50-day moving averages increased from 42% to 63% (see Fig. 2).
Watch the 24,270 key medium-term pivotal support on the US Nasdaq 100 CFD Index to maintain the going medium-term uptrend phase for the next medium-term resistances to come in at 25,940/26,060 and 26,545/26,980 (Fibonacci extension cluster), (see Fig. 3).
However, failure to hold at the 24,270 key support invalidates the bullish scenario to kickstart another corrective decline sequence to expose the next medium-term supports at 23,260 and 22,680
The information presented is historical information, and past performance is not indicative of future performance.
