Nasdaq cautious on listings outlook, shares tied to US tech momentum

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-28, 09:41.

Nasdaq Inc. (US6311031081) stands at the center of US equity trading and listings activity as the second half of 2026 begins. The group operates the Nasdaq exchange in New York, home to the NASDAQ-100 technology benchmark and a broad roster of growth stocks.

Nasdaq’s role in US markets

Nasdaq runs one of the largest equity markets globally, with its main US venue ranking alongside the NYSE for trading in large-cap stocks such as Apple, Microsoft and Amazon. The company earns fees from listings, trading, market data and technology solutions, giving it diversified exposure to equity and derivatives volumes.

In addition to the US equity market, Nasdaq manages options and futures platforms and sells surveillance and trading systems to exchanges and regulators worldwide. This multi-pillar setup provides recurring revenues from long-term technology contracts as well as more cyclical flows tied to trading and IPOs.

Where earnings power comes from

Nasdaq’s earnings are closely linked to equity trading volumes, derivatives activity and the pace of new listings. When volatility rises in indices such as the NASDAQ-100 and S&P 500, trading on the Nasdaq exchange typically increases, supporting transaction-based revenue and related market data fees.

The listings business benefits when private companies choose the Nasdaq market for IPOs, with listing fees and ongoing charges providing multi-year revenue streams. The exchange has attracted many technology and biotech issuers historically, helping it compete with the NYSE and other venues for growth-company listings.

Long-term strategy and technology focus

Nasdaq has emphasized a long-term strategy centered on expanding its technology and data businesses, positioning itself as more than a pure trading venue. By selling market-structure technology, risk platforms and surveillance tools, the group seeks to build stable, contract-based revenues that are less dependent on daily trading conditions.

In recent years, Nasdaq has also developed cloud-based solutions for market data distribution and trading connectivity. This aligns the company with broader trends in financial technology, where exchanges and infrastructure providers move key systems to scalable, secure cloud environments.

Competition and peer comparison

Nasdaq competes directly with other major exchange groups, including the Intercontinental Exchange, which owns the NYSE, and CME Group in derivatives. These peers also pursue diversified models that blend trading, data and technology, leading investors to compare valuation metrics across the sector.

Compared with these peers, Nasdaq’s strong franchise in growth and technology listings is a differentiating factor. The NASDAQ-100 index, tracking large non-financial stocks listed on Nasdaq, is widely used for benchmarking and derivatives, enhancing the company’s profile among global investors.

What the company sells

Beyond trading, a representative Nasdaq product is its market technology platform, which provides matching engines, surveillance and risk systems to other exchanges and financial institutions. Customers license these systems to operate their own markets, while Nasdaq delivers upgrades and support under multi-year contracts.

Where the stock trades today

Nasdaq shares (US6311031081) trade on the Nasdaq exchange in New York in US dollars. As of the latest available quote on 2026-06-26, 20:00, the shares closed at 59.80 USD.

This article is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Data and prices are based on sources believed to be reliable but may change without notice.