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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

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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Indexes

Evolution of the Nasdaq-100 Ecosystem

The Nasdaq-100® (NDX®) originated in 1985 and recently celebrated being 40 years young! Part of its success as an investment and trading product is the ecosystem of investments and derivatives that have evolved around it.

2 days ago
Phil Mackintosh

Earnings

A Tale of Two Earnings Cycles

The Q4 2025 earnings season continued a recent trend – the Nasdaq-100® large caps and S&P 600 small caps both saw strong earnings growth. However, looking beyond the headline number, it’s clear that the drivers of these earnings trends couldn’t be more different.

Mar 5, 2026
Phil Mackintosh, Michael Normyle

Market Infrastructure

The SIP Formula Is Broken and Everyone Knows It

Investors around the world know that it's important to know what the right prices for stocks are, but the market has evolved in ways that take advantage of economics – usually without adding the desired compensating value to the public.

Feb 26, 2026
Phil Mackintosh

Earnings Webinar
Index Webinar
AI Webinar

How Stocks Respond to Earnings News

Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.

The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:

Behavioral biases
Retail investors
Passive investors

: Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.
The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:
Behavioral biases
Retail investors
Passive investors

Webinar

How Stocks Respond to Earnings News

Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.
The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:
Behavioral biases
Retail investors
Passive investors

The Index Evolution: Structure, Strategies & Liquidity

Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.

Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

: Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.
Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

Webinar

The Index Evolution: Structure, Strategies & Liquidity

Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.
Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

How Banks Can Manage Regulatory Change - Nasdaq Financial Technology

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.

: 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.

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

Fundamental and Historical Assessments of the Market

Phil Mackintosh, Chief Economist at Nasdaq, Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Steve Sosnick, Chief Strategist at Interactive Brokers, and Steve Wyett, Chief Market Strategist and BOK Financial, join Jill Malandrino on TradeTalks to discuss while geopolitical volatility remains a systemic risk, historical market cycles and post-midterm trends suggest that growth remains intact.

Mar 11, 2026

The Board Agenda: Navigating Macro Shifts and Global Policy

Nasdaq’s U.S. Economist, Michael Normyle, AVP and Head of the Nasdaq Market Intelligence Desk, Michael Sokoll, and VP of Government Relations, Jameel Johnson, join Jill Malandrino on TradeTalks to discuss the key issues that boards are facing in an evolving landscape.

Mar 11, 2026

Taxes, the Economy and the Impact of AI Are Where Investors Are Focused

Michael Normyle, US Economist at Nasdaq, Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, and Chris Englebert, Founding Partner & CIO of Englebert Financial Advisers, join Jill Malandrino on TradeTalks to discuss how the global macro landscape is being reshaped.

Mar 03, 2026

Traditional Markers of Growth Are Being Reshaped by a Stark K-Shaped Divide

Michael Normyle, US Economist at Nasdaq, Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Justin Grooms, President of Bolt, and Kevin Mahn, President & Chief Investment Officer of Hennion & Walsh, join Jill Malandrino to discuss evolving consumer spend trends.

Feb 24, 2026

The Primary Engine of the Global Economy

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, Mark Marex, Global Head of Index Insights at Nasdaq, and Paul Schroeder, Director - Factor & QQQ Equity Product Strategist at Invesco, join Jill Malandrino on TradeTalks to discuss the intelligence supercycle.

Feb 18, 2026

Cross Currents Influencing Market Sentiment

Dr. Russell Rhoads, Associate Clinical Professor of Finance at Indiana University’s Kelley School of Business, Phil Mackintosh, Chief Economist at Nasdaq, Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, join Jill Malandrino on Nasdaq TradeTalks to discuss if the underlying economic and market fundamentals remain largely intact.

Feb 18, 2026

Developments in the Gold Market, Digitization, and How It Ties Into the Macroeconomic Environment

Brian Joyce, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, U.S. Economist at Nasdaq, Joe Cavatoni, Chief Market Strategist at the World Gold Council, join Jill Malandrino on Nasdaq TradeTalks to discuss developments in the gold market, digitization, and how it ties into the macroeconomic environment.

Jan 21, 2026

Key Themes to Watch in 2026 and Why the Market Environment Could Be a “Return to Normal”

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Chris Englebert, Founding Partner & CIO of Englebert Financial Advisers, join Jill Malandrino on Nasdaq TradeTalks to discuss key themes to watch in 2026 and why the market environment could be a “return to normal”.

Dec 16, 2025

Fed Policy and Macroeconomic Factors to Watch for 2026

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Russell Price, Chief Economist at Ameriprise Financial, join Jill Malandrino on Nasdaq TradeTalks to discuss Fed policy and macroeconomic factors to watch for 2026.

Dec 10, 2025

The Shifts in Spending for the Consumer and Enterprise

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Sanjiv Das, Co-Founder & President of Pagaya, and Justin Etkin, Co-Founder & COO of Tropic, join Jill Malandrino on Nasdaq TradeTalks to discuss the shifts in spending for the consumer and enterprise.

Dec 03, 2025

Which Parts of the Economy Are Proving Resilient?

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Sandip Bhagat, Chief Investment Officer of Whittier Trust, and Patricia Zobel, Senior Managing Director & Head of Macroeconomic Research & Market Strategy at Guggenheim, join Jill Malandrino on Nasdaq TradeTalks to discuss which parts of the economy are proving resilient, which are showing strain, and the growth outlook for 2026.

Nov 19, 2025

How Global Market Structures Are Strengthening and Expanding

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, U.S. Economist at Nasdaq, Chris Galipeau, Senior Market Strategist at Franklin Templeton Institute, Bruce Pringle, Head of Education at Bookmap, join Jill Malandrino on Nasdaq TradeTalks to discuss broadening in stock performance and how global market structures are strengthening and expanding, offering a broader investor base access to the markets.

Oct 29, 2025

How Real Estate’s Role Is Evolving Within Private Capital Markets

Max Cabasso, Senior Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Austin Walker, Founder of A. Walker & Co., join Jill Malandrino on Nasdaq TradeTalks to discuss how real estate’s role is evolving within private capital markets along with housing policy, affordability, and regulation.

Oct 15, 2025

The Structural Changes Investors Are Navigating

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Mao Dong, Co-Head of Portfolio Management & Head of Portfolio Research at PGIM Multi-Asset Solutions, and Bobby Eng, Senior Vice President & Head of Platform & Institutional ETF Distribution at Franklin Templeton, join Jill Malandrino on Nasdaq TradeTalks to discuss the structural changes investors are navigating and where capital is being put to work based on fund flows.

Oct 08, 2025

How Consumers Are Shifting Their Spending Habits and Stretching Budgets Through BNPL

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, and Sam Miller, CEO of Kasheesh, join Jill Malandrino on Nasdaq TradeTalks to discuss how consumers are shifting their spending habits and stretching budgets through BNPL and multi-methos payments.

Oct 01, 2025

The State of the Markets Heading Into the Fourth Quarter and Where the Headwinds and Tailwinds Lie

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, Tiffany Wade, Senior Portfolio Manager at Columbia Threadneedle, Chris Wolfe, President & CIO of Pennington Partners, join Jill Malandrino on Nasdaq TradeTalks to discuss the state of the markets heading into the fourth quarter and where the headwinds and tailwinds lie.

Sep 17, 2025

Mitigating the Challenges of Cost, Complexity, and Inefficiency With Companies Going Public

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Rob Schoder, Co-Founder & CEO of Vinyl Equity, and Stephanie Choo, General Partner at Portage, join Jill Malandrino on Nasdaq TradeTalks to discuss the shifting IPO landscape and mitigating the challenges of cost, complexity, and inefficiency with companies going public.

Sep 10, 2025

The Pipeline of Companies Looking to Access the Public Markets

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, and Eddie Best, Co-Chair of the Capital Markets Practice at Willkie Farr & Gallagher, join Jill Malandrino on Nasdaq TradeTalks to discuss the key drivers of IPO activity, sector highlights, performance, and the pipeline of companies looking to access the public markets.

Sep 03, 2025

Why Investors Should Consider the Quality Factor and Focus on Companies With Strong Balance Sheets

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Eric Sterner, Chief Investment Officer of Apollon Wealth Management, join Jill Malandrino on Nasdaq TradeTalks to discuss why investors should consider the quality factor and focus on companies with strong balance sheets, cash flows, and earnings track records.

Aug 27, 2025

The Impact of Data Confidence on Investor Behavior and Broader Risk Appetite

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Patricia Zobel, Senior Managing Director and Head of Macroeconomic Research and Market Strategy at Guggenheim Investments, join Jill Malandrino on Nasdaq TradeTalks to discuss the impact of data confidence on investor behavior and broader risk appetite.

Aug 13, 2025

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