Nasdaq 23-Hour Trading Starts December 6 With New Overnight Stock Session

TLDR

• Nasdaq plans to begin nearly 23-hour stock trading on December 6, 2026.
• The new Night Session will run from 9 p.m. to 4 a.m. ET.
• Eligible NMS stocks and exchange-traded products can trade overnight.
• Brokers will decide whether customers can access the new overnight session.
• Nasdaq will use temporary overnight price bands from 9 p.m. to 4 a.m. ET.

Nasdaq is targeting December 6, 2026, to begin nearly 23-hour trading in U.S. stocks, adding a new overnight session from 9 p.m. to 4 a.m. ET. The expansion extends trading from Sunday evening through Friday evening, with only a one-hour daily break between 8 p.m. and 9 p.m.

The new schedule adds seven overnight hours to Nasdaq’s existing trading day. The exchange currently operates pre-market trading from 4 a.m. to 9:30 a.m., regular trading from 9:30 a.m. to 4 p.m., and an after-hours session through 8 p.m.

Nasdaq Night Session Runs From 9 p.m. to 4 a.m.

Under the new structure, Nasdaq’s Night Session runs from 9 p.m. until 4 a.m. ET, while the existing 4 a.m. to 8 p.m. period becomes the Day Session. Each trading day begins when the Night Session opens.

The overnight service is not limited to Nasdaq-listed companies. Eligible National Market System stocks and exchange-traded products can trade during the session, including securities whose primary listings are on other U.S. exchanges.

The expansion follows regulatory approval of Nasdaq’s 23-hour framework earlier this year. Clearing infrastructure is also expanding, with the National Securities Clearing Corporation providing 24-hour, five-day availability to support overnight activity.

Nasdaq President Tal Cohen has described the extended schedule as a way to “broaden investor access and expand wealth-building opportunities.” Foreign ownership of U.S. equities reached about $17 trillion by mid-2024, nearly doubling from 2019.

Brokerages Decide Whether Customers Get Overnight Access

Nasdaq opening overnight trading does not mean every brokerage account automatically receives access. Brokers remain responsible for deciding whether to support the new hours, which securities customers can trade and how overnight orders are handled.

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Nasdaq will mainly accept limit-priced orders during the Night Session. Market orders, pegged orders and several auction-specific order types will not be available. A limit order allows traders to set the maximum price they will pay or the minimum price they will accept, meaning an order can remain unfilled when no matching price is available.

Night Session orders also face a firm 4 a.m. boundary. Orders remaining on Nasdaq’s book do not automatically move into the following Day Session, making individual brokerage policies important for customers placing orders close to the transition.

Overnight trading can also bring different execution conditions. Previous overnight market data found wider bid-ask spreads and lower displayed liquidity for many stocks compared with regular market hours.

Nasdaq Adds Overnight Price Bands for 23-Hour Trading

Nasdaq’s overnight session will operate under temporary Phase 1 price bands between 9 p.m. and 4 a.m. The framework uses the previous official closing price and the consolidated last round-lot trade recorded by 7:45 p.m. as reference points.

For most NMS stocks, the bands generally extend 20% around those reference prices. Minimum dollar-distance requirements also apply, including at least $3 for stocks priced at $1 or more and $1 for securities below $1.

Trades outside the allowed overnight ranges will be blocked, although reaching a band does not automatically cause the type of trading halt used during regular market hours.

The overnight bands expire at 4 a.m., while regular Limit Up-Limit Down protections begin at 9:30 a.m. That leaves the traditional 4 a.m. to 9:30 a.m. pre-market period outside both systems.

Regulators plan to review data from the first full quarter of overnight trading before proposing the next phase of the price-protection framework.