• Nasdaq plans to move toward near around-the-clock stock trading by 2026 to meet strong global demand for US equities. 
  • Extended hours could help international investors react faster, but trading volumes are typically thin outside regular sessions. 
  • Critics warn nonstop trading may worsen liquidity and volatility, as most activity already clusters at the open and close. 

Nasdaq, one of the world’s largest stock exchanges and home to major tech companies, is planning a move for US equities to be traded around-the-clock due to high global demand. 

Demand for non-stop trading in US stocks has surged recently, prompting regulators to bring in new rules and approve light proposals from major exchanges to enable trading during extended hours.   

The US stock market represents almost two-thirds of the market value of listed companies globally, while total foreign holdings of US equities reached $17 trillion last year, according to data compiled by Nasdaq. ⁽¹⁾  

Nasdaq’s filing with the SEC will mark its formal step towards announcing around-the-clock trading, five days a week. In March, Nasdaq President Tal Cohen said the exchange operator had started discussions with regulators and expected to launch nonstop five-day-a-week trading in the second half of 2026. ⁽²⁾  

 The New York Stock Exchange and Cboe Global Markets also recently announced plans to shift to around-the-clock trading for stocks. 

Proposed Trading Structure and Sessions 

Nasdaq plans to expand its trading hours from 16 to 23 hours, five days a week. The Nasdaq currently operates three daily sessions during the week: 

  • The pre-market session from 4:00 to 9:30 Eastern US time. 
  • The regular market session from 9:30 to 16:00.  
  • The post-market session from 16:00 to 20:00. 

Nasdaq intends to operate two trading sessions when it moves to 23/5. The day session will start from 4:00 to 20:00, with an hour-long break for maintenance, testing, and trade clearing. On the following calendar day, the night session will begin at 21:00 and conclude at 4:00. ⁽³⁾  

The day session will continue to include pre-market, regular, and post-market trading hours, and will feature the opening bell at 9:30 and the closing bell at 16:00. In the night session, trades executed between 21:00 and 00:00 will be considered trades for the following day. 

Under the new plan, the trading week will start on Sunday at 9 pm and end on Friday at 8 pm after the day session. 

Global Demand and Overnight Trading Interest 

Supporters of the move have stated that around-the-clock trading could allow traders, especially those living outside the US, to react faster to news that occurs outside regular market hours. ⁽⁴⁾  

Usually, trading volume during extended hours is much lower than during regular hours. Investors who want to trade 23/5 currently rely on off-exchange trading venues, or alternative trading systems.  ⁽⁵⁾  

The trading hours on other large stock exchanges like the NYSE go back more than a century, when trades were placed in person on trading floors by brokers who executed the orders on paper. Stock exchanges now operate electronically, with trading hours on most US exchanges having remained the same over the years. 

Wall Street Pushback and Liquidity Concerns 

While Nasdaq moves closer to announcing around-the-clock trading, some Wall Street experts are against it. 

Critics argue that formalizing nearly nonstop trading could worsen some of the very problems that plague the structure of equity markets today,like thin liquidity, sharp price swings, and an increasingly speculative, short-term-driven trading environment. ⁽⁶⁾  

Wells Fargo also noted that it is the “worst thing in the world”. They also added that most liquidity already clusters around the market open and close, making the idea of stretching trading hours even more counterproductive. ⁽⁷⁾  

“Most of the complaints that I hear on market structure are about how bad volumes are as most comes in around the open and close,” the note said. “And the industry move is to then elongate the trading day even further? This makes no sense at all.” ⁽⁸⁾  

Looking Ahead 

Nasdaq’s push toward a 23-hour trading day highlights the growing global demand for access to US equities, but it also exposes deep concerns about liquidity, volatility, and market structure.  

While extended hours could broaden participation, especially from international investors, the success of the shift may depend on whether the benefits outweigh the risks of thinner trading and increased market instability. 

Sources: ⁽¹⁾ ⁽²⁾ ⁽³⁾ ⁽⁶⁾ Reuters, ⁽⁴⁾ ⁽⁵⁾ CNBC, ⁽⁷⁾ ⁽⁸⁾ Forbes