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NDAQ · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Nasdaq, Inc. Common Stock (NDAQ) stock moving?
Q3 2026 results on Oct 22 were the main driver. Net revenue rose 13% to $1.5B, Solutions revenue grew 17%, Index revenue grew 39% with $49B of Q3 net inflows, ARR reached $3.4B (+12%), and non-GAAP EPS rose 18% to $1.04. Market Services was the weak spot, with net revenue up only 2%. Management returned $1.7B year to date through buybacks and dividends. The shares closed at 103.30 on Oct 22 on 7.15M volume, about twice the recent average, and have since risen about 6.5% to 110.02 on Nov 10. On Nov 5 the stock hit an intraday high of 111.45 but closed at 106.83, so the 111 area has acted as resistance so far. Recent sessions have traded on lighter volume (about 2.5M to 3.3M), and the Nov 10 close sits above the 109.13 VWAP. Other news flow is mostly routine: an Ekholm board appointment with a Spaht departure at year-end, the October volume statistics, a Webull distribution deal for Nasdaq Basic Canada, and CFO conference appearances in November. Market sentiment for the broader exchange and brokerage group is mixed, as one Benzinga piece cites Nasdaq weakness in a bearish crypto outlook.
News behind the analysis
- Nasdaq Basic Canada Now Available on Webull PlatformNasdaq's Nasdaq Basic Canada real-time market data product has launched on the Webull trading platform for Canadian users.
- Nasdaq Announces Upcoming Investor Conference PresentationsCFO Sarah Youngwood will present at two investor conferences in November 2026.
- Nasdaq Reports October 2026 Monthly Volume StatisticsNasdaq published its monthly trading volume statistics for October 2026 on its investor relations website.
- Nasdaq Appoints B rje Ekholm to its Board of Directors; Holden Spaht to Step Down from Board at Year-EndFormer Ericsson CEO B rje Ekholm joins the board effective Nov 1, 2026 and will sit on the Audit & Risk Committee; director Holden Spaht resigns effective Dec 31, 2026.
- EarningsRelease 3Q26 (EX-99.1)Q3 2026 net revenue rose 13% to $1.5B, Solutions revenue grew 17%, Index revenue grew 39%, and non-GAAP diluted EPS rose 18% to $1.04.
About Nasdaq, Inc. Common Stock
Nasdaq, Inc. runs the Nasdaq stock market and several European exchanges. It now earns most of its money from software, data and index licensing rather than trading, including Verafin anti-financial-crime tools and Adenza risk and regulatory software.
How it makes money
Recent quarterly net revenue was about $1.5 billion (Q3 2026, up about 14% from a year earlier). Roughly 80% came from 'Solutions' businesses: Capital Access Platforms (listing fees, market data, and index licensing for ETFs and other products tied to indexes like the Nasdaq-100) and Financial Technology (financial-crime, risk, regulatory and market-infrastructure software). The other roughly 20% is Market Services, meaning trading fees from US and European equities, options and derivatives, net of rebates. Recurring subscription revenue (ARR) was a record of about $3.4 billion.
What usually moves NDAQ
- Assets in ETFs linked to Nasdaq indexes (e.g. QQQ)
- Fintech and software subscription growth (Verafin, Adenza)
- Trading volumes and market volatility
- IPO and new listings activity
- Debt paydown, buybacks and regulatory changes