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Nokia Corporation (NOK) stock is trading lower by more than 3% on Monday as technology stocks face selling pressure ahead of the company's upcoming earnings report.
The Nasdaq is down 0.68%, while the S&P 500 has slipped 0.06%. The Technology Select Sector SPDR Fund is down 1.39%, making technology the day's weakest sector.
Investors are also looking ahead to Nokia's third-quarter earnings report on Oct. 22.
Separately, Nokia on Monday launched a new multi-PON fiber broadband solution designed to help telecom operators upgrade their networks as artificial intelligence drives demand for faster connectivity.
The 16-port line card supports GPON, 10G, 25G and 50G PON technologies on every port, enabling fiber speeds of up to 50 gigabits per second.
Built on Nokia's Quillion chipset, the solution allows operators to introduce higher speeds on existing fiber networks without replacing hardware.
The technology also offers up to four times lower upstream latency, quantum-safe encryption and enhanced network resilience.
Nokia expects the solution to become generally available in 2027.
Nokia is trading below its key moving averages, signaling near-term weakness.
The stock is 3.8% below its 20-day simple moving average (SMA) of $10.42 and 2.1% below its 50-day SMA of $10.24. It also trades 1.1% below its 200-day SMA of $10.13.
Its Relative Strength Index (RSI) stands at 46.54, indicating neutral momentum.
The stock faces resistance near $11, while $9.50 remains a key support level.
Despite Monday's decline, Nokia has gained 90.91% over the past 12 months. However, the stock has struggled to regain momentum after reaching its 52-week high in June.
Nokia is scheduled to report earnings on Oct. 22. Analysts expect earnings of 8 cents per share, up from 7 cents a year earlier.
Revenue is projected at $5.80 billion, compared with $5.64 billion in the year-ago period.
The stock carries a Buy consensus rating with an average price forecast of $16.50.
B. Riley Securities initiated coverage with a Buy rating and $15 price forecast on Sept. 17. Rosenblatt also initiated coverage with a Buy rating and $15 forecast on Sept. 15. On June 12, JPMorgan maintained an Overweight rating and raised its price forecast to $21.
Nokia's MarketDash Edge Rankings show strong momentum but mixed fundamental scores.
Its Momentum score stands at 89.41, while Quality, Value and Growth scores are 42.90, 46.87 and 46.49, respectively.
The rankings suggest Nokia's longer-term price performance remains stronger than its fundamental indicators.
Nokia shares were down 3.28% at $10.02 at the time of publication Monday, according to market data.
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