Nasdaq targets December 6 for 23-hour stock trading

ebc.com -- [Nasdaq is targeting December 6, 2026 ](https://www.nasdaqtrader.com/TraderNews.aspx?id=DN2026-3) to expand trading to nearly 23 hours a day, adding a new overnight session from [9 p.m. to 4 a.m. ET. ](https://www.ebc.com/forex/nasdaq-23-hour-trading-what-changes) The exchange would then close for one hour before reopening at 4 a.m. for its existing pre-market and daytime trading hours. The overnight session will cover **all eligible U.S. NMS stocks and exchange-traded products**, rather than only Nasdaq-listed companies. That does **not** mean every brokerage account will suddenly allow trading at 2 a.m. Brokers will still decide whether to offer overnight access, which stocks customers can trade, and how orders are handled. Trading rules will also be tighter overnight. Nasdaq will mainly accept **limit-priced orders**, while market orders, pegged orders and several auction-related order types will not be available. Liquidity could be the bigger issue. Research on existing overnight trading found wider spreads and lower displayed depth for frequently traded stocks compared with regular market hours. Across a wider group of stocks, overnight spreads were substantially larger. Nasdaq will also introduce temporary overnight price bands between 9 p.m. and 4 a.m. to prevent trades far away from reference prices. Those protections end at 4 a.m., while normal Limit Up-Limit Down rules begin at 9:30 a.m. The [SEC has already approved ](https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-nasdaq-2025-109)Nasdaq's framework, although the **December 6 launch remains a target rather than a guarantee** and depends on the necessary market infrastructure being ready. The real test will come after launch: whether enough buyers and sellers actually show up overnight to make trading at 2 a.m. practical rather than simply possible.