Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Momentum Style Score - Nasdaq (NDAQ) currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3] - The Momentum Style Score is complemented by the Zacks Rank, with Nasdaq rated 2 (Buy), suggesting a favorable outlook for performance [4] Group 2: Price Performance - Over the past week, NDAQ shares increased by 1.63%, while the Zacks Securities and Exchanges industry rose by 2.39% [6] - In a longer timeframe, NDAQ shares have appreciated by 11.88% over the last three months and 30.51% over the past year, outperforming the S&P 500's gains of 6.77% and 21.08% respectively [7] Group 3: Trading Volume - NDAQ's average 20-day trading volume is 3,230,968 shares, which serves as a bullish indicator when combined with rising stock prices [8] Group 4: Earnings Outlook - In the last two months, five earnings estimates for NDAQ have been revised upwards, increasing the consensus estimate from $3.41 to $3.43 [10] - For the next fiscal year, four estimates have also moved higher, with no downward revisions noted [10] Group 5: Conclusion - Considering all factors, NDAQ is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a strong candidate for near-term investment [12]

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 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 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 Viewpoint - Nasdaq is set to announce its fourth quarter and full year 2025 financial results on January 29, 2026, with senior management available for questions from the investment community following the prepared remarks [1][2]. Group 1: Financial Results Announcement - The announcement will include a review of Nasdaq's financial performance for the fourth quarter and the entire year of 2025 [1]. - The results call is scheduled for 8:00 AM Eastern Time on January 29, 2026 [1]. Group 2: Access to Information - Participants can access the conference via webcast through the Nasdaq Investor Relations website [2]. - The press release and results presentation will be available on the Nasdaq Investor Relations website at approximately 7:00 AM Eastern on the same day [2]. Group 3: Company Overview - Nasdaq is a global technology company that serves various financial market participants, including corporate clients, investment managers, banks, brokers, and exchange operators [3]. - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings of data, analytics, software, and client-centric services [3].

Core Viewpoint - Analysts at Goldman Sachs have expressed renewed confidence in Coinbase, suggesting that the stock's past underperformance has created an attractive entry point for investors [1][4] Company Performance - Coinbase's stock dropped by 8.04% over the past year, but year-to-date figures indicate a gain of 4.59% [2] - Veteran investor Cathie Wood continues to acquire Coinbase shares through ARK Invest, with the stock holding the seventh-largest position in ARKW at 4.7% ($99 million) [3] Analyst Insights - Goldman Sachs analyst James Yaro expects Coinbase's valuation to strengthen as the company transitions from cyclical to structural growth, highlighting its strong business fundamentals [4] - Yaro noted that Coinbase's scale and brand recognition drive above-average revenue growth and market share gains, supported by recent product rollouts [5] - Analysts have shown greater enthusiasm for Coinbase, with Clear Street analyst Owen Lau naming it a top fintech idea for 2026, emphasizing its role in blockchain-based financial infrastructure [2] Growth Projections - Coinbase's subscription and services segment has expanded from under 5% of revenue in 2020 to nearly 40% by 2025 estimates, with expected robust growth of around 13% annually from 2025 to 2027 [7][6]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased, indicating a growing bearish sentiment among investors as of December 15, 2025 Group 1: Nasdaq Global Market - Short interest in 3,486 Nasdaq Global Market securities totaled 15,012,659,234 shares, up from 14,879,370,342 shares in the previous reporting period [1] - The mid-December short interest represents an average of 2.90 days, compared to 2.22 days in the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,683 securities on The Nasdaq Capital Market reached 3,369,741,795 shares, an increase from 3,311,934,829 shares in the previous period [2] - This represents an average daily volume of 1.29 days, up from 1.00 days in the previous reporting period [2] Group 3: Overall Nasdaq Securities - Total short interest across all 5,169 Nasdaq securities was 18,382,401,029 shares, compared to 18,191,305,171 shares in the previous reporting period [3] - The average daily volume for this total is 2.36 days, an increase from 1.82 days in the prior reporting period [3] Group 4: Short Sale Definition - A short sale is defined as the sale of a security that the seller does not own or any sale consummated by the delivery of a borrowed security [4]

Core Viewpoint - The technology sector, particularly stocks like Apple, is expected to sustain impressive growth in 2026, driven by strong demand for new products and advancements in artificial intelligence [1][3]. Group 1: Technology Sector Performance - The Nasdaq Composite index has seen a 21% increase in 2025, indicating resilience in technology stocks despite market stresses [1]. - Concerns over tariffs and potential AI spending bubbles have led to investor panic at times, but strong growth reports from tech companies have mitigated these fears [2]. Group 2: Apple Inc. Performance - Apple stock has risen 58% since reaching a 52-week low in early April, driven by healthy demand for new iPhones and growth in its services business [5]. - For fiscal year 2025, Apple reported revenue of $416.1 billion, a 6.4% increase year-over-year, with earnings per share rising 23% to $7.46 [6]. - Analysts project Apple's revenue growth to accelerate to over $453.1 billion in the current fiscal year, reflecting a nearly 9% increase [6]. Group 3: Market Dynamics and Competitive Position - Apple holds an 18.2% share of the global smartphone market, providing it with significant scale and negotiating power with suppliers [9]. - The company is expected to maintain its market share despite potential price increases in smartphones due to a shortage of memory chips, as its lowest-priced iPhone is still above the average selling price of competitors [10]. - Apple is anticipated to benefit from a large number of users with older iPhones, with over 315 million devices being at least four years old, creating a substantial upgrade opportunity [11]. Group 4: Future Growth Catalysts - The foldable smartphone market is projected to grow by 30% next year, and Apple's entry into this segment could significantly boost its revenue [12]. - Current trading at 9.8 times sales is considered reasonable compared to the technology sector's average of 8.6, allowing Apple to sustain a slight valuation premium [13]. - If Apple's revenue grows by 10% to $458 billion next year, its market cap could reach $4.6 trillion, representing a 14% increase from its current valuation [14].