Qualcomm Stock Momentum Faces A Midweek Stress Test — Apple, Tariffs To Blame?

Qualcomm Inc. (NASDAQ:QCOM) will report its second-quarter earnings on Wednesday. As the company reports after market hours, Wall Street expects $2.81 in EPS and $10.65 billion in revenues.

The stock is down 11.44% over the past year, 4.40% YTD. Despite the decline, Qualcomm stock has been an outperformer in the chip sector so far this year. The iShares Semiconductor ETF (NASDAQ:SOXX) is down over 15% YTD while the VanEck Semiconductor ETF (NASDAQ:SMH) is down 14%.

Wednesday's post-close earnings will put that momentum to the test. Beyond the headline numbers, Wall Street is laser-focused on two flashpoints: the potential impact of renewed Trump-era tariffs and any hints about Apple Inc's (NASDAQ:AAPL) expected phase-out of Qualcomm's modem chips.

Let’s examine the charts for Qualcomm stock and how it currently compares to Wall Street estimates.

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QCOM Stock Chart Mixed Ahead Of Q2 Earnings

Qualcomm stock is treading water ahead of earnings, with technical indicators painting a mixed picture for investors.

Chart created using Benzinga Pro

Qualcomm stock, at $146.88, is showing slight selling pressure and a relatively stagnant trend. However, short-term momentum leans bullish, with Qualcomm trading above its eight-day and 20-day simple moving averages ($142.78 and $140.07, respectively). This positioning typically suggests underlying strength and potential for a near-term move higher.

That said, medium- to longer-term signals flash caution. Qualcomm stock is still below its 50-day simple moving average of $151.38 and well beneath its 200-day simple moving average of $163.63 – both bearish indicators that imply resistance and a broader downtrend.

The Moving Average Convergence Divergence (MACD) sits at a negative 1.61, reinforcing the bearish undertone, while the Relative Strength Index (RSI) at 52.22 signals a neutral stance, suggesting QCOM stock is neither overbought nor oversold.

For investors, this setup suggests cautious optimism in the short term, but a clearer breakout or breakdown post-earnings could be needed to set the tone for what's next.

Qualcomm Analysts See Over 10% Upside

Ratings & Consensus Estimates: The consensus analyst rating on Qualcomm stock stands at a Buy currently with a price target of $193.41 a share. The latest analyst ratings from JPMorgan, Citigroup and TD Cowen imply a 10.39% upside for QCOM stock.

Price Action: Qualcomm stock closed the trading day Tuesday at $146.88, down 0.50%.

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