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New Nasdaq rules fast-track main index for large caps
Nasdaq will change its rules to allow newly-listed large companies to reach its main index more quickly, ahead of initial public offerings from companies like SpaceX and OpenAI. New listings with a market capitalisation ranking within the top 40 members of Nasdaq-100 can be added to the index after their 15th day of trading under these rules. Previously, this would require at least three months after an IPO. “Currently new constituents can only be added at reconstitution or as replacements, which leads to large newly listed companies often being delayed from index inclusion, creating a gap between investor expectations and index market representation,” Nasdaq wrote in a consultation document. “‘Fast Entry’ reduces that gap and allows for more timely market representation.” “It is not necessarily representative to have a company that's big and could have a sizable representation in the index to keep them out for that long," Nasdaq global head of index solutions Cameron Lilja told Reuters. Major companies are increasingly staying private for longer and amassing large market capitalisations before an IPO, said Lilja. The number of public companies listed on United States exchanges has fallen by 36% since 2000, Nasdaq f
NASDAQ
Nasdaq refreshes record as US markets close higher
Wall Street closed higher on Wednesday (Thursday AEST), with the Nasdaq Composite reaching a fresh record close as gains in major technology names buoyed sentiment despite escalating tariff rhetoric from United States President Donald Trump. The Dow Jones Industrial Average added 217.5 points, or 0.5%, closing at 44,458.3, the S&P 500 gained 37.7 points, or 0.6%, to finish at 6,263.3, while the Nasdaq Composite rose 192.9 points, or 0.9%, to end at an all-time high of 20,611.3. Chipmaker NVIDIA led the charge, advancing 1.8% during the session. The stock briefly touched a market capitalisation of US$4 trillion, becoming the first company in history to do so. Fellow AI-linked giants Meta Platforms, Microsoft, and Alphabet also gained 1.7%, 1.4%, and 1.3%, respectively. The rally came in spite of heightened trade tensions following a series of tariff declarations from President Trump this week. On Wednesday, Trump issued letters setting new U.S. tariff rates on imports from six additional countries - Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka. The move follows similar letters earlier in the week targeting 14 nations, such as South Korea and Japan. In a post on Truth Social on Tuesday, Trump re
NASDAQ
US benchmarks gain; S&P 500, Nasdaq hit record highs
Wall Street finished firmly higher on Friday, with the S&P 500 and Nasdaq Composite notching fresh record closes despite renewed trade uncertainty. The Dow Jones Industrial Average rallied 432.4 points, or 1%, to finish at 43,819.3, while the S&P 500 climbed 32.1 points, or 0.5%, to a record 6,173.1. The Nasdaq rose 105.6 points, or 0.5%, ending at an all-time high of 20,273.5. Equities pulled back from session peaks after United States President Donald Trump announced U.S.-Canada trade negotiations were terminated. However, optimism returned after Commerce Secretary Howard Lutnick told Bloomberg that a U.S.-China trade framework had been finalised, with further deals expected with 10 key partners. Markets have staged a dramatic recovery since April, when the S&P 500 was nearly 18% down for the year amid tariff concerns. The index has since surged more than 20%, now sitting 5% higher year-to-date, buoyed by easing trade tensions, artificial intelligence (AI) led tech gains from companies like NVIDIA and Microsoft, as well as resilient quarterly earnings. Bond yields ticked higher, with the 10-year and 2-year Treasury yields each up 0.7% to 4.275% and 3.746%, respectively.
NASDAQ
S&P 500, Nasdaq extend gains; trade optimism continues
Major United States benchmark averages finished mixed on Wednesday (Thursday AEST), as investors monitored trade updates as President Trump visited the Gulf and secured US$600 billion in Saudi commitments. The Dow Jones Industrial Average fell 89.4 points or 0.2% to settle at 42,051.1. The S&P 500 ticked up 6 points or 0.1% to close at 5,892.58, while the Nasdaq Composite gained 136.7 points or 0.7% and ended at 19,146.8. Technology stocks climbed. Nvidia advanced more than 4.2%, following news that it would send Saudi Arabia 18,000 of its top artificial intelligence chips. Peer chip stock AMD also rose more than 4.2% on the back of a US$6 billion buyback. Week to date, the S&P 500 and Dow are up more than 4.1% and 1.9%, respectively. The Nasdaq has jumped 6.8%. Risk appetite grew this week after the U.S. and China temporarily slashed tariffs on a wide array of goods. The U.S. reduced duties on China to 30% earlier this week, while Beijing lowered its own levies to 10% on U.S. imports. Both nations had threatened in April to impose tariffs above 100% on the other. The tentative accord between the world’s biggest economies has led investors to hope it will eventually yield a more concrete trade agreement. On
NASDAQ
IPOs: eToro’s Nasdaq debut signals fintech revival
Retail trading giant eToro has officially joined Nasdaq, pricing its IPO at US$52 per share, exceeding its expected range of $46-$50. The Israel-based brokerage raised $620 million, with shares sold by both the company and existing investors. This move values eToro at $4.2 billion, marking a significant milestone for the fintech sector as investor confidence rebounds. With a growing user base and surging crypto revenues, the company is positioning itself as a formidable competitor to Robinhood and Webull. The timing of eToro’s public offering is strategic. After shelving its IPO plans in 2022 due to market volatility, the company seized the opportunity as inflation cooled and investor sentiment improved. The return of United States President Donald Trump and easing tariff concerns have helped revive the IPO market, with eToro following the successful listing of CoreWeave earlier this year. BlackRock’s interest in purchasing $100 million worth of shares further underscores institutional confidence in eToro’s growth trajectory. Founded in 2007, eToro has evolved from a stock brokerage into a crypto-heavy trading platform, with digital assets now accounting for 25% of its net trading contribution, up from 10% the previous ye

NASDAQ
US equities demand sees Nasdaq to start 24hr trading
Overseas demand for the United States' capital heavy equities market has prompted the Nasdaq to look at introducing 24-hour trading five days a week next year on its flagship American exchange, its President Tal Cohen wrote in a LinkedIn post. The value of total foreign holdings of U.S. equities had reached $17 trillion by June 2024, a 97% increase since 2019 and Nasdaq president Tal Cohen wants to increase exposure to global investment on the share register. “Wealth accumulation across major regional economies reduces barriers to accessing markets, and an ever-increasing appetite to share in global prosperity is driving investors to engage with U.S. markets more than ever before,” Cohen says. "In the APAC region, investors are increasingly turning their attention to U.S. markets, drawn by the depth of opportunities, strong regulatory framework and access to high-growth sectors such as technology and healthcare. "With rising financial literacy and proliferation of digital trading platforms, these investors have become more sophisticated - leveraging a diverse range of strategies, such as investing in options and ETFs. Further proof of global interest was that over 56 exchange traded products launched in the last fiv
NASDAQ
S&P 500, Nasdaq hit record close on payrolls beat
Major U.S. benchmark averages finished mixed on Friday, with the S&P 500 and Nasdaq Composite reaching record highs amid stronger-than-expected labour market data for November. On Friday, the Dow Jones Industrial Average edged down by 123.2 points, or 0.3%, to 44,642.5, the S&P 500 rose by 15.2 points or 0.3%, closing at 6,090.3, while the Nasdaq climbed 159.5 points or 0.8% to 19,859.8, buoyed by robust performances from Tesla, Meta Platforms, and Amazon. Over the week, the S&P 500 and Nasdaq recorded gains of 1% and 3.3%, respectively, marking their third consecutive weekly increase. The Dow, however, declined by 0.6% during the same period. Friday's economic report showed U.S. nonfarm payrolls rising by 227,000 in November, surpassing the 200,000 forecast by economists. This marked a significant recovery from October’s revised increase of 36,000. The unemployment rate, inched up to 4.2%, in line with market expectations. The moderate improvement in labour market data strengthened investor confidence in a potential interest rate cut at the Federal Reserve's upcoming meeting. According to the CME Group’s FedWatch Tool, the probability of a rate cut now stands at 85.1%. Bond yields eased, reflecting market antici