Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased slightly, indicating a growing bearish sentiment among investors as of December 31, 2025 Group 1: Nasdaq Global Market - Short interest in 3,498 Nasdaq Global Market securities totaled 15,183,396,236 shares at the end of December 31, 2025, up from 15,012,659,234 shares in the previous period [1] - The December short interest represents an average of 2.83 days, a decrease from 2.90 days in the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,671 securities on The Nasdaq Capital Market totaled 3,382,557,383 shares at the end of December 31, 2025, compared to 3,369,741,795 shares in the previous period [2] - This represents an average daily volume of 1.27 days, slightly down from 1.29 days in the prior reporting period [2] Group 3: Overall Nasdaq Securities - Total short interest in all 5,169 Nasdaq securities reached 18,565,953,619 shares at the December 31, 2025 settlement date, an increase from 18,382,401,029 shares in the previous period [3] - This reflects an average of 2.31 days of daily volume, down from 2.36 days in the prior reporting period [3] Group 4: Short Sale Definition - Open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers, regardless of their exchange affiliations [4]

Core Insights - Mike Selig has recently assumed the role of chairman at the U.S. Commodity Futures Trading Commission (CFTC) and is restructuring the agency with a new innovation committee focused on cryptocurrency insiders [1][2] Group 1: Innovation Committee Formation - The new Innovation Advisory Committee will include executives from prominent crypto firms such as Gemini, Kraken, Bitnomial, Crypto.com, and Bullish, which is the parent company of CoinDesk [2] - The committee's formation builds on a previous initiative by former Acting Chairman Caroline Pham, who had assembled a group of CEOs focused on innovative financial technology [2][3] Group 2: Committee Objectives and Leadership Vision - Selig emphasized the importance of modernizing financial systems through technologies like artificial intelligence, blockchain, and cloud computing, aiming to create regulations that are suitable for the evolving financial landscape [4] - The Innovation Advisory Committee will assist the CFTC in drafting new market structure regulations, becoming one of five external committees designed to guide the agency based on members' expertise [4] Group 3: Public Engagement and Future Steps - The CFTC is inviting the public to submit additional nominees for committee membership and suggest topics for consideration, with a deadline set for the end of January [5]

Core Insights - Nasdaq and CME Group have unified their crypto indexing efforts, reintroducing the Nasdaq Crypto Index as the Nasdaq-CME Crypto Index [1][9] - The new index aims to serve as a foundational benchmark for investors seeking diversified exposure in the crypto market as regulatory clarity and institutional participation grow [3][4] Index Structure and Purpose - The Nasdaq-CME Crypto Index combines two established market standards to provide governance and diversification comparable to traditional asset classes [4] - It tracks a basket of major digital assets, including Bitcoin, Ether, XRP, Solana, Chainlink, Cardano, and Avalanche, reflecting a broader market rather than focusing solely on Bitcoin [4][5] - The index is designed to align with institutional risk and compliance expectations, featuring a governance structure overseen by a joint committee and a published methodology [6][7] Market Trends and Future Applications - There is a growing trend among investors towards index-based exposure in the crypto market, similar to the evolution seen in equity and commodity markets [5][6] - The index is expected to support a wider range of regulated products, including exchange-traded funds and structured investment vehicles [8][9]

Core Viewpoint - Walmart Inc. will be added to the Nasdaq-100 Index and related indices, replacing AstraZeneca PLC, effective January 20, 2026 [1][2]. Group 1: Index Changes - Walmart Inc. will replace AstraZeneca PLC in the Nasdaq-100 Index, the Nasdaq-100 Equal Weighted Index, and the Nasdaq-100 Ex-Tech Sector Index [2]. - AstraZeneca PLC will also be removed from multiple other indices, including the Nasdaq-100 ESG Index and the Nasdaq-100 Low Volatility Index, prior to market open on January 20, 2026 [2]. Group 2: Nasdaq-100 Index Overview - The Nasdaq-100 Index tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market, covering various industries such as technology, retail, healthcare, and media [3]. - The index is recognized globally and reflects the dynamics of the 21st-century economy [3]. Group 3: Nasdaq Global Indexes - Nasdaq Global Indexes has been a leader in market-driven index solutions since 1971, offering a range of indexes that reflect today's dynamic markets [4]. - The mission of Nasdaq Global Indexes is to create innovative opportunities for financial product sponsors and asset managers [4]. Group 4: Nasdaq Company Overview - Nasdaq is a leading global technology company that serves various financial market participants, aiming to enhance liquidity, transparency, and integrity in the global economy [5]. - The company provides a diverse range of data, analytics, and software solutions to help clients optimize their business strategies [5].

Core Insights - The market has experienced a significant turnaround, with the Nasdaq Composite rising 50% in under a year, shifting from panic to discussions of an AI bubble [2][12] - Paul Tudor Jones compares the current market to 1999, suggesting that there may still be substantial growth potential ahead, similar to the Nasdaq's doubling between 1999 and 2000 [3][4] - The Federal Reserve's interest rate cuts are seen as a positive catalyst for the market, with historical data indicating that markets tend to rise after such cuts [5][7] Market Trends - The current bull market, which began after the initial panic from tariff announcements, is still in its early stages, with the average bull market lasting about four years [4] - AI-related gains are expanding beyond hardware and infrastructure to include software companies, exemplified by partnerships like Figma and Shopify with OpenAI [5][6] Investor Sentiment - Despite significant stock price increases, investor sentiment remains neutral, as indicated by the CNN Fear/Greed indicator, and there is a substantial amount of cash, approximately $7 trillion, in low-risk money market funds [9][10] - The fear of missing out (FOMO) is expected to drive sidelined cash back into the market, further fueling growth [10] Valuation Considerations - The S&P 500's P/E ratio is currently at 23x, which, while high, is not as extreme as the 40x peak seen in 2000, suggesting that investors may still be willing to pay a premium for innovative companies [11] Investment Opportunities - Four stocks have been identified as having significant upside potential for Q1 2026, selected from a broader pool of companies due to their strong growth prospects [8][12]

Core Viewpoint - The dominance of mega-cap technology stocks in market returns raises concerns about concentration risk [1] Group 1 - The performance of the market is heavily influenced by a small number of large technology companies [1] - Investors are increasingly wary of the potential risks associated with this concentration in the technology sector [1] - The reliance on a few mega-cap stocks for market gains could lead to volatility if these stocks underperform [1]

Core Viewpoint - Nasdaq and CME have announced a deepened collaboration to reintroduce the Nasdaq Crypto™ Index as the Nasdaq CME Crypto™ Index, aimed at serving as a benchmark for regulated crypto investment products such as ETFs, structured products, and actively managed funds [1] Group 1 - The new index will be overseen by a joint governance committee and calculated by CF Benchmarks [1] - The initiative aims to promote the indexation and institutional allocation of crypto assets [1]

Core Viewpoint - Nasdaq reported its monthly volumes for December 2025, along with quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ending December 31, 2025 [1] Group 1: Monthly and Quarterly Volumes - The report includes detailed statistics on trading volumes for December 2025 and the entire quarter [1] - Nasdaq provides a data sheet with this information available on its Investor Relations website [1] Group 2: Company Overview - Nasdaq is a global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [1] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings [1] - Nasdaq's services include data, analytics, software, exchange capabilities, and client-centric solutions to help clients achieve their business goals [1]

Core Insights - Nasdaq, Inc. (NDAQ) is a technology company valued at $55.2 billion, providing various services including trading, clearing, and financial information [1] - The company is expected to announce its fiscal fourth-quarter earnings for 2025 on January 29, 2026, with analysts predicting a profit of $0.91 per share, a 19.7% increase from the previous year [2] - For the full fiscal year 2025, analysts forecast an EPS of $3.43, representing a 21.6% increase from $2.82 in fiscal 2024, with further growth expected to $3.81 in fiscal 2026 [3] Performance Metrics - NDAQ stock has outperformed the S&P 500 Index, gaining 31.5% over the past 52 weeks compared to the index's 17.1% [4] - The company's financial performance is bolstered by a strategic focus on high-growth segments in financial technology [5] - In its Q3 results, NDAQ reported an adjusted EPS of $0.88, exceeding Wall Street's expectations, with net revenue of $1.32 billion also surpassing forecasts [5] Analyst Sentiment - The consensus opinion on NDAQ stock is moderately bullish, with 11 out of 18 analysts recommending a "Strong Buy" and an average price target of $107, indicating a potential upside of 6.6% [6]

Group 1 - The global IPO market showed significant recovery in 2025, with Hong Kong Stock Exchange returning to the top position globally, hosting 114 IPOs and raising 286.3 billion HKD [1][2] - The largest IPO globally was Medline, which raised approximately 62 billion USD on NASDAQ, surpassing the Indian National Stock Exchange, which ranked second with 268 listings and a total fundraising of 1.78 trillion INR [2][4] - The top ten IPOs in 2025 were diverse in industry, including sectors such as biomedicine, security, and finance, with Hong Kong Stock Exchange accounting for four of these IPOs [3][6] Group 2 - Medline's IPO on December 17, 2025, marked a significant milestone, with a first-day market valuation exceeding 54 billion USD, providing substantial returns to its private equity backers [4][5] - Verisure, a Swedish security company, also had a notable IPO, raising approximately 36 billion EUR and achieving a first-day increase of 21%, marking it as the largest IPO in Europe since 2022 [4][5] - Predictions for 2026 indicate a potential wave of large IPOs, particularly from major US exchanges, with estimates of 200 to 230 companies going public and raising between 40 to 60 billion USD [7][8] Group 3 - Hong Kong is expected to maintain competitiveness in the IPO market, with forecasts suggesting around 150 new listings in 2026, raising between 320 to 350 billion HKD, driven by technology, consumer, and green economy sectors [8] - The competition between US and Hong Kong capital markets is anticipated to intensify, with both markets expected to see significant IPO activity [8]