Nokia Corporation (NYSE:NOK) stock rose more than 2% in Wednesday premarket trading, bucking a weaker broader market. Nasdaq futures fell 0.50%, while S&P 500 futures declined 0.37%.
The stock’s gains came as it maintained its longer-term uptrend and showed improving momentum. This strength stands out against weaker U.S. stock futures.
Nokia’s upcoming addition to the EURO STOXX 50 is also likely contributing to investor interest in the stock. Index provider STOXX said Nokia will join the eurozone blue-chip benchmark when markets open Sept. 21, replacing Volkswagen preference shares.
The change could lead to additional demand as funds that track the EURO STOXX 50 adjust their holdings ahead of the rebalance. That positioning can also affect Nokia’s U.S.-listed shares, which track the company’s Helsinki-listed stock.
Improving technical momentum may be adding to the positive sentiment. The stock remains above key shorter-term moving averages after a strong 12-month run.
Technical Analysis
At $10.90, Nokia traded 6.2% above its 20-day simple moving average of $10.23. It was also 3.7% above its 50-day SMA of $10.48. Both signals support a constructive near-term trend.
However, Nokia remained 9.6% below its 100-day SMA of $12.02. That level could act as resistance during a rebound.
Momentum is improving. The MACD is above its signal line, while the histogram is positive. That suggests buyers are gaining strength.
Still, the moving-average picture is mixed. The 20-day SMA remains below the 50-day SMA, which is a bearish near-term signal. However, the 50-day SMA remains above the 200-day SMA. That longer-term bullish alignment has been in place since October 2025.
Key support sits near $10.
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Analyst Outlook
Nokia carries a Buy consensus rating with an average price forecast of $18.
JPMorgan rates Nokia Overweight with a $21 price forecast after raising its forecast on June 12. Argus Research upgraded the stock to Buy with a $15 forecast on April 27. Morgan Stanley initiated coverage with an Overweight rating and an $8 forecast on February 9.
The stock trades at a price-to-earnings ratio of 76.4.
Benzinga Edge Rankings
Nokia has a strong Momentum score of 93.39 on Benzinga Edge. However, its other factors are more balanced.
The stock has a Quality score of 47.9, a Value score of 46.61 and a Growth score of 46.42.
Overall, Nokia’s Edge rankings point to a momentum-led setup. The next technical test could come near $12, where the 100-day SMA may provide resistance.
Top ETF Exposure
The Spear Alpha ETF (NASDAQ:SPRX) has a 3.76% weighting in Nokia. As a result, flows into or out of the fund can create additional buying or selling pressure in Nokia shares.
Price Action
NOK Stock Price Activity: Nokia shares rose 2.44% to $10.91 in Wednesday premarket trading, according to Benzinga Pro data.
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