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[[File:Nasdaq compared to corporate profits.webp|thumb|right|Nasdaq compared to corporate profits
]] The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc. (which the exchange also lists; ticker symbol NDAQ), which also owns the Nasdaq Nordic stock Market economy and several U.S.-based stock and options exchanges. Although it trades stock of healthcare, financial, media, entertainment, retail, hospitality, and food businesses, it focuses more on technology . The exchange is made up of both American and foreign firms, with China and Israel being the largest foreign sources.
Since the launch of NASDAQ, many major companies trading on the over-the-counter (OTC) market began switching to NASDAQ. As late as 1987, the NASDAQ exchange was still commonly referred to as "OTC" in media reports and also in the monthly Stock Guides (stock guides and procedures) issued by Standard & Poor's Corporation. Over the years, it became more of a stock market with the addition of trade and volume reporting and automated trading systems. In 1981, NASDAQ traded 37% of the U.S. securities markets' total of 21 billion shares. By 1991, NASDAQ's share had grown to 46%. In 1992, the NASDAQ Stock Market joined with the London Stock Exchange to form the first intercontinental linkage of .
In 1996, the SEC issued a report alleging that NASDAQ market makers Price fixing by avoiding "odd-eighths" quotes (at the time, stock prices were quoted in increments of an eighth of a dollar) to artificially widen spreads. The report was followed by a new set of rules for how NASDAQ handled orders.
In 1998, it became the first stock market in the United States to trade online, using the slogan "the stock market for the next hundred years". The NASDAQ Stock Market attracted many companies during the dot-com bubble.
The exchange's main index is the NASDAQ Composite, which has been published since its inception. The QQQ exchange-traded fund tracks the large-cap NASDAQ-100 index, which was introduced in 1985 alongside the NASDAQ Financial-100 Index, which tracks the largest 100 companies in terms of market capitalization.
In a series of sales in 2000 and 2001, FINRA sold its stake in the NASDAQ. On July 2, 2002, Nasdaq, Inc. became a public company via an initial public offering, listing its own shares on the exchange (traded under the ticker symbol NDAQ). In 2006, the status of the NASDAQ Stock Market was changed from a stock market to a licensed national securities exchange. In 2007, it merged with OMX, a leading exchange operator in the Nordic countries, expanded its global footprint, and changed its name to the NASDAQ OMX Group.
To qualify for listing on the exchange, a company must be registered with the United States Securities and Exchange Commission (SEC), must have at least three (financial firms that act as brokers or dealers for specific securities) and must meet minimum requirements for assets, capital, public shares, and shareholders.
In February 2011, in the wake of an announced merger of NYSE Euronext with italic=no, speculation developed that NASDAQ OMX and Intercontinental Exchange (ICE) could mount a counter-bid of their own for NYSE. NASDAQ OMX could be looking to acquire the American exchange's cash equities business, ICE the derivatives business. At the time, "NYSE Euronext's market value was $9.75 billion. NASDAQ was valued at $5.78 billion, while ICE was valued at $9.45 billion."De la Merced, Michael J., "Nasdaq and ICE Hold Talks Over Potential N.Y.S.E. Bid" , The New York Times Dealbook, February 18, 2011. Late in the month, NASDAQ was reported to be considering asking either ICE or the Chicago Mercantile Exchange to join in what would probably have to be, if it proceeded, an $11–12 billion counterbid.Fraser, Michelle E., "Nasdaq May Ask CME or ICE for Help in NYSE Counterbid, WSJ Says" , Bloomberg News, February 26, 2011.
In December 2005, NASDAQ acquired Instinet for $1.9 billion, retaining the Inet ECN and subsequently selling the agency brokerage business to Silver Lake Partners and Instinet management.
The European Association of Securities Dealers Automatic Quotation System (EASDAQ) was founded as a European equivalent to the NASDAQ Stock Market. It was purchased by NASDAQ in 2001 and became NASDAQ Europe. In 2003, operations were shut down as a result of the burst of the dot-com bubble. In 2007, NASDAQ Europe was revived first as Equiduct and was acquired by Börse Berlin later that year.
On November 7, 2007, Nasdaq acquired the Philadelphia Stock Exchange, the oldest stock exchange in the U.S.
On June 18, 2012, NASDAQ OMX became a founding member of the United Nations Sustainable Stock Exchanges Initiative on the eve of the United Nations Conference on Sustainable Development (Rio+20).
In November 2016, chief operating officer Adena Friedman was promoted to chief executive officer, becoming the first woman to run a major exchange in the U.S.
In 2016, Nasdaq earned $272 million in listings-related revenues.
In October 2018, the SEC ruled that the New York Stock Exchange and Nasdaq did not justify the continued price increases when selling market data.
In December 2020, NASDAQ announced that it would strip its indexes of four Chinese companies in response to Executive Order 13959.
In September 2024, the European Commission said it had carried out an unannounced inspection at the offices of Nasdaq over potential anti-competitive practices.
In March 2025 the NASDAQ announced plans to introduce 24-hour 5-day a week trading on its United States exchange sometime during the second half of 2026 in response to increased global demand for U.S. equities pending approval by the U.S. Securities and Exchange Commission.
| +Contract Specifications ! !Nasdaq 100 (NDA) !E-Mini Nasdaq 100 (NQ/ENQ) !Micro E-Mini Nasdaq (MNQ) | |||
| Contract Size: | $100 X Nasdaq 100 Index | $20 X Nasdaq 100 Index | $2 X Nasdaq 100 Index |
| Exchange: | CME | EMiniCME | EMiniCME |
| Sector: | Index | Index | Index |
| Tick size: | 0.25 | 0.25 | 0.25 |
| Tick Value: | 25 USD | 5 USD | 0.5 USD |
| BPV: | 100 | 20 | 2 |
| Denomination: | USD | USD | USD |
| Decimal Place: | 2 | 2 | 2 |
4:00 a.m. to 9:30 a.m.: extended-hours trading session (premarket)
9:30 a.m. to 4:30 p.m.: normal trading session
4:00 p.m. to 8:00 p.m.: extended-hours trading session (postmarket)
The Nasdaq Stock Market averages about 253 per year.
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