Nasdaq 100

NDX's 20-day volatility stands at 1.03% a day, making it livelier than most of the indices Kinzan tracks (their median is 0.75%).

At +0.2σ, the last 24 hours have been an entirely ordinary session for NDX.

It sits around the middle of its 24-hour range of 30,281.81–30,395.31, measured on hourly closes.

The New York block (13:00–22:00 UTC) did most of the work — roughly 100% of the movement over the last 24 hours.

Over the last 60 sessions of daily returns, it has moved most closely with SPX (+0.90, a very strong relationship), and most inversely to USD/ILS (−0.69).

Market read: Nasdaq 100 is holding steady, showing minor resilience despite a slight dip in the New York session.

What it is

The Nasdaq 100 contains roughly one hundred of the largest companies listed on the Nasdaq Stock Market, excluding financial firms such as banks. It is weighted by market capitalisation, with rules that trim the heaviest names if concentration becomes extreme. Technology, communication services and consumer internet businesses dominate, so the index acts as the market’s shorthand for large-cap US growth stocks. It is distinct from the Nasdaq Composite, which includes several thousand listings.

What drives it

Because its constituents are valued largely on profits expected years into the future, the Nasdaq 100 is especially sensitive to the discount rate. Rising long-dated Treasury yields have historically weighed on it more than on the broader market, and falling yields have lifted it more. Earnings and guidance from its largest members — the big platform, semiconductor and software companies — can move the entire index, and those few names make up a large portion of its weight. Structural themes, from cloud computing to artificial intelligence and chip demand, drive long periods of outperformance or underperformance. Regulation of large technology firms, export controls on semiconductors and US–China trade relations are recurring risks specific to this index.

How it trades through the day

The cash index is calculated during Nasdaq’s regular trading hours, 09:30 to 16:00 New York time, inside the New York block (13:00–22:00 UTC). Nasdaq 100 futures on CME trade nearly 24 hours, and after-hours earnings reports from large constituents, typically released after the 16:00 close, often move futures well before the next cash open. Asia (22:00–07:00 UTC) and London (07:00–13:00 UTC) therefore see price discovery through futures, with Asian chip-supplier news sometimes feeding in overnight.

What it tends to move with

The Nasdaq 100 tends to move in the same direction as the S&P 500 with larger percentage swings, and it usually diverges most from the Dow Jones when technology is leading or lagging the market. It has historically moved inversely to the VIX and to long-dated US yields, and in recent years it has shown a notable, if unstable, positive relationship with bitcoin.