Nasdaq Concludes Annual Index Reshuffle and Announces Expansion Plans

Nasdaq US6311031081

Prior to the opening bell today, Nasdaq completed its yearly reconstitution of the prominent Nasdaq-100 index. The reshuffle, which directly impacts passive funds and institutional allocations, involved the addition and removal of six companies each. In separate developments, the exchange launched new Brazil-focused indices, reported a record year for capital inflows, and filed for an extension of its trading hours.

Nasdaq has reported a landmark year for new listings in 2025, attracting $46.65 billion in capital. This represents the highest annual total since 2021. The influx was driven by 22 listing transfers, which collectively carried a market value of approximately $1.2 trillion. Notable transactions included the listing transfer of retail giant Walmart, while the Medline IPO raised over $6 billion. CoreWeave’s debut stood out as the largest artificial intelligence-related listing of the period.

Alongside this financial performance, the exchange is pursuing operational expansion. Nasdaq has formally requested SEC approval to extend its trading platform to 23 hours on business days. The proposed schedule includes an overnight session from 9:00 p.m. to 4:00 a.m. ET, incorporating a one-hour break for system maintenance. If regulators grant approval, implementation is targeted for the second half of 2026.

Index Changes and Market Implications

The annual rebalancing alters the sector composition of the Nasdaq-100, increasing its exposure to semiconductors and biotechnology. Funds that track the benchmark were required to adjust their portfolios before trading commenced today.

• New Constituents: Alnylam, Ferrovial, Insmed, Monolithic Power Systems, Seagate, Western Digital.
• Removed Constituents: Biogen, CDW, GlobalFoundries, Lululemon, On Semiconductor, The Trade Desk.

With over $600 billion in assets under management (AUM) linked to the index, the portfolio realignment is expected to generate significant trading volume for the affected securities in the coming days. However, this activity represents a routine adjustment rather than a fundamental shift in the index's character.

New Benchmarks and Geographic Initiatives

In a move to attract international capital flows, Nasdaq today began the real-time dissemination of the Nasdaq Novo Brazil Index (NQMB) and its Net-TR and USD variants. These new benchmarks track U.S.-listed companies that derive at least 25% of their revenue from Brazil, with data distributed via the Global Index Data Service.

Concurrently, the exchange is expanding its U.S. footprint with the introduction of "Nasdaq Texas." This initiative aims to provide localized listing and market structure services tailored for technology and energy companies in the region.

Trading Schedule Note

Market participants should note an adjusted schedule for the holiday week. The Nasdaq exchange will close early at 1:00 p.m. EST on Wednesday and remain closed on Thursday for Christmas. Today's flurry of activity—encompassing the index rebalance, new benchmark launches, and strong listing figures—highlights the exchange's current operational intensity as it continues to pursue regulatory steps for longer trading hours.