Nasdaq, IncNasdaq: NDAQ
Financials · Financial Exchanges & Data
$83.18
-6.84%
Vol: 6.3M
Research Digest
Wednesday, June 17, 2026
Nasdaq announced its June 2026 quarterly rebalance of the Nasdaq-100 Index, effective before market open June 22, 2026.
Nasdaq, Inc. disclosed the results of the June 2026 quarterly rebalance of the Nasdaq-100 Index (NDX), with changes taking effect prior to the open on Monday, June 22, 2026. The rebalance reshuffles index constituents and weightings, which drives passive fund flows and is operationally relevant to Nasdaq's index and data businesses. Separately in the prior week, Nasdaq hosted SpaceX's record IPO and gained SEC approval for Bitcoin index options, both of which add longer-term revenue potential. Shares have been mixed, up about 2.6% on the week but down roughly 7.9% year to date. The bear case is that index licensing is a small slice of revenue and the rebalance itself is routine, so near-term earnings impact is limited.
Previous Market Intelligence
13 daysJun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14Nasdaq hosted SpaceX's blockbuster IPO debut and announced its June Nasdaq-100 quarterly rebalance, reinforcing its franchise as the premier US listings venue.Positive▶
SpaceX made its Nasdaq debut on June 12, 2026, pricing at $135 and opening at $150, with shares gaining roughly 19% to push its market cap past $2 trillion — a landmark listing win for the exchange. Separately, on June 11, 2026 Nasdaq announced the results of the June 2026 quarterly rebalance of the Nasdaq-100 Index, effective before market open on June 22, adding Astera Labs, CoreWeave, Nebius Group, Rocket Lab and Teradyne. Nasdaq is also expanding its market infrastructure to include Bitcoin index options following new regulatory approvals. These moves underscore Nasdaq's continued strength in capital access, index products and listings revenue. The high-profile SpaceX listing burnishes Nasdaq's competitive position against NYSE for marquee IPOs. The main risk is that listings and trading volumes remain cyclical and sensitive to broader market conditions.
May 21Top Nasdaq executive unloaded a significant block of shares on May 19 amid an active IPO pipeline including SpaceX's June 11 pricing target.Neutral▶
A senior Nasdaq executive sold a meaningful chunk of shares on May 19, 2026, adding to roughly $21.2M of insider sales over the prior three months and raising governance questions as the exchange expands its crypto franchise. Nasdaq also halted TJGC Group Limited on May 19 as part of routine listing actions. SpaceX is targeting June 11 IPO pricing on the Nasdaq with a planned stock split, a major listing win for the exchange. The 2026 Annual Meeting is set for June 10. Shares traded near $92.53 with a GF Score of 91/100 but were viewed as roughly 14.6% overvalued versus GF Value.
May 20No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 19Nasdaq announces 2026 Annual Meeting for June 10 and declares $0.31 dividend with June 12 ex-date.Positive▶
Nasdaq Inc. announced May 14 that its 2026 Annual Meeting will be held June 10 and declared a $0.31 quarterly cash dividend with June 12 ex-date. Shares traded $92.53 on May 18 after a $90.21 to $90.93 move May 14. The Cerebras IPO surged 68% on debut May 14 (bolstering the exchange's IPO franchise) and SpaceX plans to list on Nasdaq as soon as June 12. Recent congressional scrutiny over a member's stock purchases creates governance noise. Risk: GF Score flags 14.6% overvalued at a 26.8x P/E vs. industry median 19.9x.
May 18Nasdaq announces June 10 annual shareholder meeting and Lumentum joins Nasdaq-100 effective May 18.Neutral▶
Nasdaq scheduled its 2026 Annual Meeting of Shareholders for June 10, 2026 at 8:00 AM ET, announced May 14. Lumentum Holdings joins the Nasdaq-100 Index beginning May 18, 2026. The exchange operator hosted Cerebras Systems' high-profile IPO on May 14, with shares surging 68% on debut to a $95B market cap. NDAQ declared a $0.31 cash dividend with June 12 ex-date. With SEC approval to extend market operations to 23/5 hours, Nasdaq projects launch on December 6, 2026, alongside its tokenized securities trading initiative built with DTCC. Recent news has been mostly operational/informational with modest price reactions.
May 15Nasdaq announced its 2026 Annual Shareholders Meeting on May 14 amid Strong Buy consensus and double-digit revenue growth across divisions.Neutral▶
Nasdaq Inc. announced its 2026 Annual Meeting of Shareholders on May 14, 2026. Earlier reports show Q1 2026 results delivered strong execution with double-digit net revenue growth across all divisions, and the quarterly dividend was raised to $0.31. Shares closed near $90.93, up 2.2% on the week and 4.9% on the month, though down 5.9% YTD. Analysts maintain a Strong Buy consensus expecting 10.9% EPS growth in 2026. Risk: stock screens roughly 12% above intrinsic-value model estimates, raising valuation concerns.
May 14Nasdaq posted Q1 2026 EPS of $0.96 vs $0.93 consensus and benefited from Fervo Energy's $1.89B IPO debut on May 13, with shares closing 35% above the $27 offer price.Positive▶
Nasdaq Inc reported Q1 2026 EPS of $0.96, beating consensus of $0.93 by 3.23%, up from $0.79 a year earlier. Analyst consensus remains Strong Buy with BofA raising its price target to $113 from $109 and Keefe Bruyette lifting to $97 from $92 in late April. The exchange operator hosted high-profile Fervo Energy's Nasdaq IPO debut on May 13, 2026, where shares closed at $36.54, up 35% from the $27 offer price, valuing Fervo at $10.36B. The IPO raised $1.89B, reinforcing Nasdaq's listing franchise amid the AI infrastructure boom. The stock trades at $90.23 with a $51.01B market cap, P/E of 26.96 and dividend yield of 1.2%, but is down 8.9% YTD. Next earnings expected July 23, 2026.
May 13Nasdaq markets weakened over 2% intraday on May 12 amid tech and discretionary selloff, with the exchange operator continuing to roll out its updated Nasdaq-100 methodology and a Lumentum index addition set for May 18.Mixed▶
On May 12, 2026, the Nasdaq Composite saw an over 2% intraday decline before recovering, closing at 26,088.20 amid weakness in tech and discretionary stocks; Nasdaq Inc. as the operator faces mixed market signals with a $50B market cap. Nasdaq also announced that Lumentum Holdings will join the Nasdaq-100 Index beginning May 18, 2026. The previously announced Nasdaq-100 methodology update remains in effect with the first quarterly rebalance under the new rank-based review process scheduled for June 22. The company's recently declared $0.31 cash dividend has an ex-date of June 12, 2026. Recent Q1 2026 EPS came in at $0.96, beating $0.93 consensus. NDAQ trades around $88.95 with analysts maintaining a Strong Buy consensus.
May 12Nasdaq Q1 EPS of $0.96 beats; Lumentum joining Nasdaq-100; Morgan Stanley and Piper Sandler maintain BuyPositive▶
Nasdaq reported Q1 2026 EPS of $0.96, beating the $0.93 consensus by 3.23% and up from $0.79 a year earlier. Revenue of $2.14 billion was up 13.7% YoY. Return on equity was 17.51% with a 23.15% net margin. The company announced Lumentum Holdings will be added to the Nasdaq-100 Index, while 16 securities face delisting due to trading suspension. Open short interest rose 2.84%. Morgan Stanley and Piper Sandler both maintain Buy ratings. The stock trades at $88.48 with a $50 billion market cap.
May 11Nasdaq announces Lumentum to join Nasdaq-100 May 18, replacing CoStar; April volumes reported, dividend hike in effectNeutral▶
Nasdaq Inc. announced on May 9 that Lumentum Holdings (LITE) will join the Nasdaq-100 Index on May 18, replacing CoStar Group (CSGP), reflecting standard index maintenance. On May 5, NDAQ released its April 2026 monthly trading volumes. Earlier on April 23 the company raised its quarterly dividend to $0.31/share, and Q1 2026 results showed double-digit net revenue growth across all divisions. An analyst reiterated a Buy rating on May 5, citing resilient options growth and noting volume softness is cyclical. Shares traded near $88.95-$89.00 in early May. Next earnings scheduled for July 23.
May 8Nasdaq Q1 2026 sees record organic growth; 13 analysts rate stock "Strong Buy"Positive▶
Nasdaq reported Q1 2026 with record organic growth in revenue and operating income across all divisions, especially Financial Technology and data services. Q1 EPS of $0.96 beat estimates of $0.93 by 3.2%. Full-year 2026 guidance reaffirmed. The Board declared regular quarterly dividend of $0.31 per share. Revenue in 2025 was $5.25B (+12.9% YoY), with earnings of $1.79B (+60% YoY). However, NDAQ is down 7.7% YTD despite 14.9% one-year return, trading at $89 with 16.4% upside to fair value estimate of $106.67. Average analyst rating is "Strong Buy" with 12-month price target of $105.62 (+14.5% upside). Morgan Stanley and Piper Sandler both maintain Buy ratings, reflecting confidence in FinTech growth.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| SPGIS+P | $417.54 | -3.63% | +1.9% | 18.8x | 1.08 | $123.7B |
| CMECME | $252.06 | -3.65% | -16.5% | 19.6x | 0.24 | $91.2B |
| MCOMOODY | $456.99 | -2.44% | +5.0% | 24.5x | 1.34 | $79.7B |
| ICEINTERCONTINENTAL | $134.67 | -4.68% | -12.7% | 15.3x | 0.92 | $76.1B |
| NDAQNASDAQ | $83.18 | -6.84% | -9.4% | 18.8x | 0.97 | $47.1B |
| COINCOINBASE | $165.16 | -2.43% | -14.8% | 33.3x | 3.32 | $43.4B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price below 200d MA — bearish structure.