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THE MARKET IS MOVING. KEEP UP.

The global economy is changing faster than ever before.


Market Makers newsletter by Phil Mackintosh provides deep insights and analysis on the transformative forces shaping the global economy, delivered to your inbox every Thursday. Each week we examine the biggest influences disrupting and driving the global markets — from industry-shaping technology and trends to evolving policies, market-moving IPOs and beyond. 

 

Phil Mackintosh

Phil Mackintosh

Senior Vice President, Nasdaq Chief Economist

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Get the latest on the transformative forces shaping the global economy, delivered every Thursday.

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Markets

5 Charts from a Volatile 2 Weeks

The past two weeks have been busy for markets. Volatility spiked and a number of new trading records were hit. Today, we summarize what went on and how the recent activity and market moves compare to normal.

  • 3 days ago
  • Phil Mackintosh
IPOs

IPO Pulses Entering Downturns

In our last update, Nasdaq’s IPO Pulses for the U.S. and Stockholm were signaling that IPO activity would likely stay in an upturn into midyear. But a lot has changed since January, and now IPO prospects are weakening.

  • Apr 10, 2025
  • Phil Mackintosh, Michael Normyle
US Markets

Equity Markets Are Highly Competitive

There are 16 equity exchanges, over 30 ATS venues, and more than a 100 brokers in the U.S. — and they’re all competing to provide trading services. But the same test the U.S. Department of Justice uses for mergers shows that the U.S. stock market is, already, highly competitive.

  • Apr 3, 2025
  • Phil Mackintosh, Michael Normyle

A Market Makers Webinar

How AI Is Changing Trading

Nasdaq Chief Economist, Phil Mackintosh, hosts the first Market Makers webinar, which showcases data-driven research on how AI is changing trading. 

 

You'll hear from Stanford University Assistant Professor of Management Science and Engineering, Markus Pelger, on the role machine learning can play in asset pricing. You'll also learn from Nasdaq Head of AI Research and Engineering, Doug Hamilton, about how Nasdaq is leveraging AI to advance market modernization. The educational webinar will help you understand the impact and implications of AI on trading.

Videos

Phil Mackintosh on TradeTalks

Why a Balanced Perspective Is the Strategic Approach to Manage What’s Shaping the Market Today
Phil Mackintosh, Chief Economist at Nasdaq, Brian Joyce, Managing Director on the Nasdaq Market Intelligence Desk, Sandip Bhagat, Chief Investment Officer at Whitter Trust, and Steven Wieting, Chief Economist & Chief Investment Strategist at Citi Wealth, join Jill Malandrino on Nasdaq TradeTalks to discuss why a balanced perspective and being prepared is the strategic approach to manage what’s shaping the market today.
Mar 12, 2025
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Additional Market Analysis

Access analysis led by Nasdaq Chief Economist Phil Mackintosh and the Economic Research Team that helps to support all Nasdaq businesses in analyzing data and formulating policies designed to help improve trading, capital formation and market structure.

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Market Makers with Phil Mackintosh

Nasdaq Chief Economist Phil Mackintosh's 2024 Economic Outlook
Nasdaq Chief Economist Phil Mackintosh shares his insights on the 2024 macroeconomic outlook.
Jan 05, 2024

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North American Markets

From breaking barriers as the first electronic stock exchange, to regularly eclipsing records for average daily volume (ADV) share, Nasdaq's North American markets give trading industry participants access to diverse and transparent liquidity in the equity and equity derivatives markets.

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