CINXE.COM
Market Makers | Phil Mackintosh Nasdaq Chief Economist
<!DOCTYPE html> <html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# schema: http://schema.org/ sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema# "> <head><script type="text/javascript" src="/_static/js/bundle-playback.js?v=HxkREWBo" charset="utf-8"></script> <script type="text/javascript" src="/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("https://www.nasdaq.com/market-makers/subscribe","20200929083614","https://web.archive.org/","web","/_static/", "1601368574"); </script> <link rel="stylesheet" type="text/css" href="/_static/css/banner-styles.css?v=S1zqJCYt" /> <link rel="stylesheet" type="text/css" href="/_static/css/iconochive.css?v=3PDvdIFv" /> <!-- End Wayback Rewrite JS Include --> <meta charset="utf-8"/> <meta itemprop="acquia_lift:content_title" content="Market Makers "/> <meta itemprop="acquia_lift:content_type" content="microsite_landing"/> <meta itemprop="acquia_lift:page_type" content="node page"/> <meta itemprop="acquia_lift:context_language" content="en"/> <meta itemprop="acquia_lift:content_section" content="market-makers"/> <meta itemprop="acquia_lift:content_keywords" content=""/> <meta itemprop="acquia_lift:post_id" content="701596"/> <meta itemprop="acquia_lift:content_uuid" content="f7fc79f6-bbd6-45a0-ae02-f231c79d8b21"/> <meta itemprop="acquia_lift:published_date" content="1554735946"/> <meta itemprop="acquia_lift:persona" content=""/> <meta itemprop="acquia_lift:engagement_score" content="1"/> <meta itemprop="acquia_lift:account_id" content="NASDAQ"/> <meta itemprop="acquia_lift:site_id" content="nasdaq_prod"/> <meta itemprop="acquia_lift:liftAssetsURL" content="https://builder.lift.acquia.com"/> <meta itemprop="acquia_lift:liftDecisionAPIURL" content="https://us-east-1-decisionapi.lift.acquia.com"/> <meta itemprop="acquia_lift:bootstrapMode" content="auto"/> <meta itemprop="acquia_lift:cdfVersion" content="1"/> <script src="https://web.archive.org/web/20200929083614js_/https://builder.lift.acquia.com/lift.js" async></script> <script>window.digitalData = {"pageInstanceID":"production:home:market-makers:subscribe","page":{"pageInfo":{"author":null,"breadcrumbs":["home","market-makers","subscribe"],"destinationURL":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/market-makers\/subscribe","entryURL":null,"lang":"en","onsiteSearchResults":null,"onsiteSearchTerm":null,"pageID":"home:market-makers:subscribe","pageName":"subscribe","pagePathLevel1":"market-makers","pagePathLevel2":"market-makers:subscribe","pagePathLevel3":null,"pagePathLevel4":null,"pagePathLevel5":null,"publisher":null,"referringURL":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/press-release\/cs-energy-achieves-1-gigawatt-installed-of-solar-projects-2020-08-26","sysEnv":null,"timeStamp":1601368114,"refreshDisable":false},"category":{"eventType":null,"pageType":"microsite-landing-page","videoType":null,"primaryCategory":"market-makers","subCategory":null},"attributes":{"adDisplay":false,"assetClass":null,"businessUnit":null,"campaignParameters":null,"industry":null,"quoteSymbol":null,"region":null,"sponsored":false,"topic":null,"audience":null,"glossaryTerm":null}},"user":[{"segment":{"loginStatus":"guest","registrationStatus":"anonymous","cookieOptIn":true,"termsOptIn":false,"offersOptIn":false,"eloquaOptIn":false}}]};</script> <meta name="title" content="Market Makers | Phil Mackintosh Nasdaq Chief Economist"/> <meta name="twitter:card" content="summary_large_image"/> <link rel="canonical" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe"/> <link rel="alternate" hreflang="en" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe"/> <meta name="twitter:title" content="Market Makers"/> <meta name="twitter:site" content="@Nasdaq"/> <meta property="og:type" content="Microsite Landing"/> <meta name="description" content="The market is moving. keep up. The global economy is changing faster than ever before. Market Makers provides deep insights and analysis on the transformative forces shaping the global economy, delivered every Thursday."/> <meta property="og:url" content="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe"/> <meta name="twitter:site:id" content="nasdaq"/> <meta name="keywords" content="Market Makers, Phil Mackintosh, Nasdaq Chief Economist, Nasdaq Market Makers, Market Makers Phil Mackintosh,"/> <meta property="og:title" content="Market Makers"/> <meta name="twitter:url" content="https://web.archive.org/web/20200929083614im_/https://www.nasdaq.com/market-makers/subscribe"/> <meta property="og:image" content="https://web.archive.org/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/2019-04/AdobeStock_218469259.jpeg?459907961"/> <meta property="og:image:width" content="1200"/> <meta property="og:image:height" content="630"/> <meta name="com.nasdaq.cms.taxonomy.pageType" content="microsite-landing-page"/> <meta name="Generator" content="Drupal 8 (https://www.drupal.org)"/> <meta name="MobileOptimized" content="width"/> <meta name="HandheldFriendly" content="true"/> <meta name="viewport" content="width=device-width, initial-scale=1.0"/> <script type="application/ld+json">{ "@context": "https://web.archive.org/web/20200929083614/https://schema.org", "@graph": [ { "@type": "WebPage", "breadcrumb": { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/" }, { "@type": "ListItem", "position": 2, "item": { "@id": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe", "name": "Market Makers ", "url": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe" } } ] }, "description": "Get the latest market insights and analysis, every Thursday, in your inbox." }, { "@type": "Corporation", "@id": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/", "name": "Nasdaq", "url": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/", "logo": { "@type": "ImageObject", "url": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/themes/nsdq/dist/assets/images/logo-half-white.svg" } }, { "@type": "WebSite", "name": "Nasdaq", "url": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/", "potentialAction": { "@type": "SearchAction", "target": "https://web.archive.org/web/20200929083614/https://www.nasdaq.com/search?q={search_term_string}", "query-input": "required name=search_term_string" } } ] }</script> <link rel="shortcut icon" href="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/favicon.ico" type="image/vnd.microsoft.icon"/> <link rel="revision" href="https://www.nasdaq.com/market-makers/subscribe"/> <script src="/web/20200929083614js_/https://www.nasdaq.com/sites/acquia.prod/files/google_tag/google_tag.script.js?qh6z27"></script> <title>Market Makers | Phil Mackintosh Nasdaq Chief Economist</title> <link rel="stylesheet" media="all" href="/web/20200929083614cs_/https://www.nasdaq.com/sites/acquia.prod/files/css/css_9BGabM8qfsimTtCguRcZ-4SVTd6mEURlZRusYFjH3bI.css"/> <link rel="stylesheet" media="all" href="/web/20200929083614cs_/https://www.nasdaq.com/sites/acquia.prod/files/css/css_tqwA4jfCAt1jvELaEMduGEUS4bhDS2G74ORgr7Wdd5M.css"/> <script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","scriptPath":null,"pathPrefix":"","currentPath":"node\/701596","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"jquery":{"ui":{"datepicker":{"isRTL":false,"firstDay":0}}},"ajaxPageState":{"libraries":"blazy\/load,core\/html5shiv,core\/picturefill,datalayer\/behaviors,lr_ciam\/drupal.ciam_core,lr_ciam\/drupal.ciam_custom,nasdaq_paragraphs\/paragraphslazyload,nsdq\/arrow-cta,nsdq\/body,nsdq\/carousel-controls,nsdq\/eyebrow,nsdq\/featured-person,nsdq\/footer-form,nsdq\/form,nsdq\/global,nsdq\/grid-guides,nsdq\/insights-5-up,nsdq\/loader-overlay,nsdq\/microsite-eyebrow,nsdq\/microsite-header,nsdq\/microsite-landing,nsdq\/modal,nsdq\/module-header,nsdq\/person-card,nsdq\/picture,nsdq\/search-overlay,nsdq\/series-video-player,nsdq\/svg-loader,nsdq\/watchlist,nsdq_admin\/toolbar,paragraphs\/drupal.paragraphs.unpublished,system\/base","theme":"nsdq","theme_token":null},"ajaxTrustedUrl":[],"dataLayer":{"defaultLang":"en","languages":{"en":{"id":"en","name":"English","direction":"ltr","weight":0},"de":{"id":"de","name":"German","direction":"ltr","weight":1},"es":{"id":"es","name":"Spanish","direction":"ltr","weight":2},"fr":{"id":"fr","name":"French","direction":"ltr","weight":3},"it":{"id":"it","name":"Italian","direction":"ltr","weight":4},"zh":{"id":"zh","name":"Chinese, Simplified","direction":"ltr","weight":5}}},"ciam":{"verificationUrl":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/user\/login","resetPasswordUrl":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/user\/login","loggedIn":false,"accessToken":[],"phoneId":"","appName":"nasdaq","apiKey":"e77a8cb5-d7ad-4ce9-8ae5-6e7524edf5f3","autoHideTime":"","appPath":"\/","callback":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/user\/ciamlogin?destination=\/market-makers\/subscribe","home":"https:\/\/web.archive.org\/web\/20200929083614\/https:\/\/www.nasdaq.com\/","sott":"","debugMode":false,"tokenType":"jwt","integrationName":"Nasdaq JWT","customScript":"commonOptions.v2Recaptcha = true;\r\ncommonOptions.v2RecaptchaSiteKey = \u00276LcNmsYZAAAAANsBs352q-NkRLSF4BiAGICohbH-\u0027;"},"blazy":{"loadInvisible":false,"offset":100,"saveViewportOffsetDelay":50,"validateDelay":25},"user":{"uid":0,"permissionsHash":"256b3ffabd83f540d925c8ac4384c14f4e615846bc3f06baa6294ec918333bb0"}}</script> <!--[if lte IE 8]> <script src="/sites/acquia.prod/files/js/js_VtafjXmRvoUgAzqzYTA3Wrjkx9wcWhjP0G4ZnnqRamA.js"></script> <![endif]--> <script src="/web/20200929083614js_/https://www.nasdaq.com/sites/acquia.prod/files/js/js_Ze577XPiXE63w3VI4QNWr6bdoTVSDrQyXdRTUlBvSWc.js"></script> <link rel="apple-touch-icon" sizes="180x180" href="/web/20200929083614im_/https://www.nasdaq.com/apple-touch-icon.png"> <link rel="icon" type="image/png" sizes="32x32" href="/web/20200929083614im_/https://www.nasdaq.com/favicon-32x32.png"> <link rel="icon" type="image/png" sizes="16x16" href="/web/20200929083614im_/https://www.nasdaq.com/favicon-16x16.png"> <link rel="manifest" href="/web/20200929083614/https://www.nasdaq.com/manifest.json"> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://fonts.gstatic.com/s/sourcesanspro/v13/6xKydSBYKcSV-LCoeQqfX1RYOo3ik4zwlxdu3cOWxw.woff2" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://fonts.gstatic.com/s/sourcesanspro/v13/6xKydSBYKcSV-LCoeQqfX1RYOo3i54rwlxdu3cOWxw.woff2" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://fonts.gstatic.com/s/sourcesanspro/v13/6xK3dSBYKcSV-LCoeQqfX1RYOo3qOK7lujVj9w.woff2" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://use.typekit.net/af/150b2d/00000000000000003b9afb65/27/l?primer=7cdcb44be4a7db8877ffa5c0007b8dd865b3bbc383831fe2ea177f62257a9191&fvd=n1&v=3" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://use.typekit.net/af/7efd4b/00000000000000003b9afb67/27/l?primer=7cdcb44be4a7db8877ffa5c0007b8dd865b3bbc383831fe2ea177f62257a9191&fvd=n3&v=3" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="preload" href="https://web.archive.org/web/20200929083614/https://use.typekit.net/af/4e2d77/00000000000000003b9afb6b/27/l?primer=7cdcb44be4a7db8877ffa5c0007b8dd865b3bbc383831fe2ea177f62257a9191&fvd=n6&v=3" as="font" type="font/woff2" crossorigin="anonymous"/> <link rel="dns-prefetch" href="https://web.archive.org/web/20200929083614/https://players.brightcove.net/"> <link rel="dns-prefetch" href="https://web.archive.org/web/20200929083614/https://metrics.brightcove.com/"/> <link rel="dns-prefetch" href="https://web.archive.org/web/20200929083614/https://edge.api.brightcove.com/"/> <link rel="dns-prefetch" href="https://web.archive.org/web/20200929083614/https://www.googleadservices.com/"/> <meta name="msapplication-TileColor" content="#da532c"> <meta name="theme-color" content="#ffffff"> <meta http-equiv="X-UA-Compatible" content="IE=edge"/> <meta name="google-site-verification" content="A4ZdzztVttv1nCpL1SePVC3K2K"> <!--—- content:32855 ----> <!-- FAQ schema markup for direct listing page --> <script>(window.BOOMR_mq=window.BOOMR_mq||[]).push(["addVar",{"rua.upush":"false","rua.cpush":"true","rua.upre":"false","rua.cpre":"false","rua.uprl":"false","rua.cprl":"false","rua.cprf":"false","rua.trans":"SJ-e570a5ca-137d-446b-bed3-b4f430f02114","rua.cook":"false","rua.ims":"true","rua.ufprl":"false","rua.cfprl":"false"}]);</script> <script>!function(a){var e="https://web.archive.org/web/20200929083614/https://s.go-mpulse.net/boomerang/",t="addEventListener";if("False"=="True")a.BOOMR_config=a.BOOMR_config||{},a.BOOMR_config.PageParams=a.BOOMR_config.PageParams||{},a.BOOMR_config.PageParams.pci=!0,e="https://web.archive.org/web/20200929083614/https://s2.go-mpulse.net/boomerang/";if(window.BOOMR_API_key="JMQ95-CD7GZ-6S8JD-G393D-PHU4L",function(){function n(e){a.BOOMR_onload=e&&e.timeStamp||(new Date).getTime()}if(!a.BOOMR||!a.BOOMR.version&&!a.BOOMR.snippetExecuted){a.BOOMR=a.BOOMR||{},a.BOOMR.snippetExecuted=!0;var i,_,o,r=document.createElement("iframe");if(a[t])a[t]("load",n,!1);else if(a.attachEvent)a.attachEvent("onload",n);r.src="javascript:void(0)",r.title="",r.role="presentation",(r.frameElement||r).style.cssText="width:0;height:0;border:0;display:none;",o=document.getElementsByTagName("script")[0],o.parentNode.insertBefore(r,o);try{_=r.contentWindow.document}catch(O){i=document.domain,r.src="javascript:var d=document.open();d.domain='"+i+"';void(0);",_=r.contentWindow.document}_.open()._l=function(){var a=this.createElement("script");if(i)this.domain=i;a.id="boomr-if-as",a.src=e+"JMQ95-CD7GZ-6S8JD-G393D-PHU4L",BOOMR_lstart=(new Date).getTime(),this.body.appendChild(a)},_.write("<bo"+'dy onload="document._l();">'),_.close()}}(),"".length>0)if(a&&"performance"in a&&a.performance&&"function"==typeof a.performance.setResourceTimingBufferSize)a.performance.setResourceTimingBufferSize();!function(){if(BOOMR=a.BOOMR||{},BOOMR.plugins=BOOMR.plugins||{},!BOOMR.plugins.AK){var e="true"=="true"?1:0,t="",n="jns5zztim3dw6x3s6h6q-f-cc6b82832-clientnsv4-s.akamaihd.net",i={"ak.v":"28","ak.cp":"841979","ak.ai":parseInt("537243",10),"ak.ol":"0","ak.cr":0,"ak.ipv":4,"ak.proto":"http/1.1","ak.rid":"777af983","ak.r":32986,"ak.a2":e,"ak.m":"dsca","ak.n":"essl","ak.bpcip":"75.101.220.0","ak.cport":35012,"ak.gh":"23.198.10.190","ak.quicv":"","ak.tlsv":"tls1.2","ak.0rtt":"","ak.csrc":"-","ak.acc":"reno","ak.t":"1601368573","ak.ak":"hOBiQwZUYzCg5VSAfCLimQ==3gbU7fU/Sb85WAJqHfyg1mL64B5q9Hn4C0Yv1nfLqO0YFryqet9hB5AzMS+A3Dd6ZcgfS016RIRisWL3HniTkd5G2m/swgVy5NK9I37uV32HKeedcHqd9HTsNyNI2CDb57D0Nn2yOFr8/Kmugq6Y0d78CRwumoc39DoADsXoc5uddZyLOPaB8F2Mgef5qyZwPsAUmXV3JLB1QrQQQ3mKlszBSUSoW4yWXhwOTrUYcNPkw6Ty6TRKgjvKtwZalMdIUm1OuVJMuQMSUprE8ZRnnS4lInlipuyj0oxLrq/WclaiELpHCLzyGblLS7x9yGVUNeuieFK6wl49zbJ9hJSilSMlQiO/DxqWhl2bp68dbYpQ4TgKd10m0RPPASARUJIR/9WCEg9QnFk4tNlC15vqlFEZ6SRDEU/CB67V/SNnWgg=","ak.pv":"64","ak.dpoabenc":""};if(""!==t)i["ak.ruds"]=t;var _={i:!1,av:function(e){var t="http.initiator";if(e&&(!e[t]||"spa_hard"===e[t]))i["ak.feo"]=void 0!==a.aFeoApplied?1:0,BOOMR.addVar(i)},rv:function(){var a=["ak.bpcip","ak.cport","ak.cr","ak.csrc","ak.gh","ak.ipv","ak.m","ak.n","ak.ol","ak.proto","ak.quicv","ak.tlsv","ak.0rtt","ak.r","ak.acc","ak.t"];BOOMR.removeVar(a)}};BOOMR.plugins.AK={akVars:i,akDNSPreFetchDomain:n,init:function(){if(!_.i){var a=BOOMR.subscribe;a("before_beacon",_.av,null,null),a("onbeacon",_.rv,null,null),_.i=!0}return this},is_complete:function(){return!0}}}}()}(window);</script></head> <body class="path-node page-node-type-microsite-landing"> <a href="#main-content" class="jumpnav">Skip to main content</a> <noscript aria-hidden="true"><iframe src="https://web.archive.org/web/20200929083614if_/https://www.googletagmanager.com/ns.html?id=GTM-TB9QCTB&gtm_auth=AbgJsDZWx9ClJu0CVnQWXA&gtm_preview=env-10&gtm_cookies_win=x" height="0" width="0" title="Google Tag Manager"></iframe></noscript> <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas> <div class="page with-primary-nav"> <div class="header-group"> <header class="primary-nav primary-nav--sticky " data-mega-menu-disabled="FALSE" role="banner"> <nav class="primary-nav__content" aria-label="Primary Navigation" role="navigation"> <button class="primary-nav__hamburger" aria-label="Toggle mobile navigation menu"></button> <div class="primary-nav__logo"> <a href="/web/20200929083614/https://www.nasdaq.com/" title="Nasdaq Homepage"> <img class="primary-nav__logo-normal" src="/web/20200929083614im_/https://www.nasdaq.com/themes/nsdq/dist/assets/images/logo.svg" alt="Nasdaq Logo"/> </a> </div> <ul class="primary-nav__links" aria-hidden="true" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__link " itemprop="name"> <a class="primary-nav__anchor" data-mega-menu-enabled="true" href="/web/20200929083614/https://www.nasdaq.com/market-activity" title="" itemprop="url"> <span class="primary-nav__anchor-text">Market Activity</span> </a> <button class="primary-nav__expand" data-enabled="false" aria-label="Market Activity - Click to open sub-navigation"> <span class="primary-nav__expand-caret" aria-hidden="true"></span> </button> <div class="primary-nav__mega" aria-hidden="true"> <div class="primary-nav__close-icon"> <span class="primary-nav__close-text">CLOSE</span> </div> <ul class="primary-nav__mega-list" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity" itemprop="url"> <span class="primary-nav__header-link-text">Market Activity</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/stocks" itemprop="url">Stocks</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/funds-and-etfs" itemprop="url">Funds + ETFs</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/indexes" itemprop="url">Indexes</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/commodities" itemprop="url">Commodities</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/cryptocurrency" itemprop="url">Cryptocurrency</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/currencies" itemprop="url">Currencies</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/futures" itemprop="url">Futures</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/fixed-income" itemprop="url">Fixed Income</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/global-markets" itemprop="url">Global Markets</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Quick Links </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/quotes/real-time" itemprop="url">Real-Time Quotes</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/after-hours" itemprop="url">After-Hours Quotes</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/pre-market" itemprop="url">Pre-Market Quotes</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/quotes/nasdaq-ndx-index" itemprop="url">Nasdaq-100</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/stocks/screener" itemprop="url">Symbol Screener</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/online-brokers" itemprop="url">Online Brokers</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/glossary" itemprop="url">Glossary</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/fixed-income/nasdaq-sustainable-bond-network" itemprop="url">Sustainable Bond Network</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/stocks/symbol-change-history" itemprop="url">Symbol Change History</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity/ipo-performance" itemprop="url">IPO Performance</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/search-ownership" itemprop="url">Ownership Search</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Market Events </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/economic-calendar" itemprop="url">Economic Calendar</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/earnings" itemprop="url">Earnings</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/ipos" itemprop="url">IPO Calendar</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/dividends" itemprop="url">Dividends</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/spos" itemprop="url">SPO Calendar</a> </li> </ul> <span class="primary-nav__header"> Analyst Activity </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/analyst-recommendations" itemprop="url">Analyst Recommendations</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/earnings/daily-earnings-surprise" itemprop="url">Daily Earnings Surprise</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/analyst-forecast-change" itemprop="url">Forecast Changes</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/commodities" itemprop="url"> <span class="primary-nav__header-link-text">Commodities</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/commodities/GCCMX" itemprop="url">Gold</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/commodities/HGCMX" itemprop="url">Copper</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/commodities/CLNMX" itemprop="url">Crude Oil</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/commodities/NGNMX" itemprop="url">Natural Gas</a> </li> </ul> <span class="primary-nav__header"> Nasdaq Data </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/statistical-milestones" itemprop="url">Statistical Milestones</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/market-activity/total-returns" itemprop="url">Total Returns</a> </li> </ul> </li> </ul> <div class="primary-nav__cta" tabindex="0"> <a class="primary-nav__cta-link" href="/web/20200929083614/https://www.nasdaq.com/market-activity" itemprop="url"> <span class="primary-nav__cta-text">See All Market Activity</span> <span class="primary-nav__cta-arrow" aria-hidden="true"></span> </a> </div> </div> </li> <li class="primary-nav__link " itemprop="name"> <a class="primary-nav__anchor" data-mega-menu-enabled="true" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights" title="" itemprop="url"> <span class="primary-nav__anchor-text">News + Insights</span> </a> <button class="primary-nav__expand" data-enabled="false" aria-label="News + Insights - Click to open sub-navigation"> <span class="primary-nav__expand-caret" aria-hidden="true"></span> </button> <div class="primary-nav__mega" aria-hidden="true"> <div class="primary-nav__close-icon"> <span class="primary-nav__close-text">CLOSE</span> </div> <ul class="primary-nav__mega-list" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-column" itemprop="name"> <ul class="primary-nav__mega-subnav" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/markets" itemprop="url">Markets</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/company-intel" itemprop="url">Companies</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/coronavirus" itemprop="url">Coronavirus</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/technology" itemprop="url">Technology</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/personal-finance" itemprop="url">Personal Finance</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/financial-advisors" itemprop="url">Financial Advisors</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Topics </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/technology/blockchain" itemprop="url">Blockchain</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/markets/commodities" itemprop="url">Commodities</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/markets/cryptocurrencies" itemprop="url">Cryptocurrencies</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/companies/earnings" itemprop="url">Earnings</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/governance-center" itemprop="url">Governance</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/companies/ipos" itemprop="url">IPOs</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/personal-finance/retirement" itemprop="url">Retirement</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/topic/markets/stocks" itemprop="url">Stocks</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Features </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/smart-investing" itemprop="url">Smart Investing</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/sponsored/invesco/innovation-realized/splunk" itemprop="url">Innovation Realized</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/CoronavirusWatchSignUp" itemprop="url">Coronavirus Watch Newsletter </a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/mission-driven" itemprop="url">Mission Driven</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/cultural-capital-video-series" itemprop="url">Cultural Capital</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/market-makers/subscribe" itemprop="url">Market Makers by Phil Mackintosh</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/podcasts/TotalMarkets" itemprop="url">TotalMarkets Podcast</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights/tradetalks" itemprop="url">TradeTalks</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/videos" itemprop="url">Nasdaq Watch</a> </li> </ul> </li> </ul> <div class="primary-nav__cta" tabindex="0"> <a class="primary-nav__cta-link" href="/web/20200929083614/https://www.nasdaq.com/news-and-insights" itemprop="url"> <span class="primary-nav__cta-text">See All News + Insights</span> <span class="primary-nav__cta-arrow" aria-hidden="true"></span> </a> </div> </div> </li> <li class="primary-nav__link " itemprop="name"> <a class="primary-nav__anchor" data-mega-menu-enabled="true" href="/web/20200929083614/https://www.nasdaq.com/solutions" title="" itemprop="url"> <span class="primary-nav__anchor-text">Solutions</span> </a> <button class="primary-nav__expand" data-enabled="false" aria-label="Solutions - Click to open sub-navigation"> <span class="primary-nav__expand-caret" aria-hidden="true"></span> </button> <div class="primary-nav__mega" aria-hidden="true"> <div class="primary-nav__close-icon"> <span class="primary-nav__close-text">CLOSE</span> </div> <ul class="primary-nav__mega-list" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/raise-access-capital" itemprop="url"> <span class="primary-nav__header-link-text">Raise & Access Capital</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/list-your-company" itemprop="url">List with Nasdaq</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-private-market" itemprop="url">Nasdaq Private Market Solutions</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/solutions/investor-relations-intelligence" itemprop="url">Investor Relations Intelligence </a> </li> </ul> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-governance-solutions" itemprop="url"> <span class="primary-nav__header-link-text">Optimize Governance Practices</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/boardvantage" itemprop="url">Nasdaq Boardvantage Board Portal</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/solutions/board-evaluations" itemprop="url">Board Evaluations</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/governance/center-for-board-excellence" itemprop="url">Nasdaq Center for Board Excellence</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/sustainability-reporting" itemprop="url">ESG Reporting/Data Management</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/corporate-services/COVID19" itemprop="url">Corporate Services COVID-19 Center</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/transform-with-technology" itemprop="url"> <span class="primary-nav__header-link-text">Transform with Technology</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/solutions-for-market-infrastructure-operators" itemprop="url">Market Infrastructure Technology</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/non-traditional-exchanges-new-markets" itemprop="url">Non-Traditional Exchanges & New Markets</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/sell-side-technology" itemprop="url">Sell-Side Technology</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/buy-side-technology" itemprop="url">Buy-Side Technology</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-risk-modelling-for-catastrophes" itemprop="url">Catastrophe Risk Technology</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/gain-market-intelligence" itemprop="url"> <span class="primary-nav__header-link-text">Gain Market Intelligence</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-solutions-buy-side-collection" itemprop="url">Buy-Side Intelligence</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-investment-data-and-analytics" itemprop="url">Investment Data & Analytics</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-market-data-feeds" itemprop="url">Market Data & Feeds</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/GlobalIndexes" itemprop="url">Nasdaq Global Indexes</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/fund-manager-selection" itemprop="url">Institutional Capital with eVestment</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> <a class="primary-nav__header-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/trade-global-markets" itemprop="url"> <span class="primary-nav__header-link-text">Trade Global Markets</span> <span class="primary-nav__header-link-caret" aria-hidden="true"></span> </a> </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/equities" itemprop="url">Equities</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/global-equity-derivatives" itemprop="url">Equity Derivatives</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-exchange-traded-products-etps" itemprop="url">ETFs & ETPs</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-fixed-income" itemprop="url">Fixed Income</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/european-commodities" itemprop="url">Commodities</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/global-trading-services-solutions" itemprop="url">Connectivity</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/post-trade-services-solutions" itemprop="url">Post Trade Services</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-clearing%3A-central-counterparty-ccp-clearing" itemprop="url">Clearing</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/exchange-oversight" itemprop="url">Exchange Oversight </a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/solutions/nasdaq-sustainable-bond-network" itemprop="url">Sustainable Bonds</a> </li> </ul> </li> </ul> <div class="primary-nav__cta" tabindex="0"> <a class="primary-nav__cta-link" href="/web/20200929083614/https://www.nasdaq.com/solutions" itemprop="url"> <span class="primary-nav__cta-text">See All Solutions</span> <span class="primary-nav__cta-arrow" aria-hidden="true"></span> </a> </div> </div> </li> <li class="primary-nav__link " itemprop="name"> <a class="primary-nav__anchor" data-mega-menu-enabled="true" href="/web/20200929083614/https://www.nasdaq.com/about" title="" itemprop="url"> <span class="primary-nav__anchor-text">About</span> </a> <button class="primary-nav__expand" data-enabled="false" aria-label="About - Click to open sub-navigation"> <span class="primary-nav__expand-caret" aria-hidden="true"></span> </button> <div class="primary-nav__mega" aria-hidden="true"> <div class="primary-nav__close-icon"> <span class="primary-nav__close-text">CLOSE</span> </div> <ul class="primary-nav__mega-list" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-column" itemprop="name"> <ul class="primary-nav__mega-subnav" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/about/our-people" itemprop="url">Our People</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/about/careers" itemprop="url">Careers</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/about/press-center" itemprop="url">Press Center</a> </li> <li class="primary-nav__mega-subnav-item" itemprop="name"> <a class="primary-nav__mega-subnav-link" href="/web/20200929083614/https://www.nasdaq.com/contact-us" itemprop="url">Contact</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Quick Links </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/diversity-inclusion-belonging" itemprop="url">Diversity, Inclusion and Belonging</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/marketsite" itemprop="url">Nasdaq Marketsite</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/http://ir.nasdaq.com/" itemprop="url">Investor Relations</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/ESG-Guide" itemprop="url">ESG Reporting Guide</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/European-Markets" itemprop="url">European Markets</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/nasdaq-nordic-foundation" itemprop="url">Nasdaq Nordic Foundation</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/authors/marketinsite" itemprop="url">Nasdaq Thought Leadership</a> </li> </ul> </li> <li class="primary-nav__mega-column" itemprop="name"> <span class="primary-nav__header"> Nasdaq Initiatives </span> <ul class="primary-nav__mega-links" itemscope itemtype="http://www.schema.org/SiteNavigationElement"> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/COVID-19" itemprop="url">Nasdaq Responds to Covid-19</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/TotalMarkets" itemprop="url">TotalMarkets</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/public-policy" itemprop="url">Public Policy Advocacy</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/sustainability" itemprop="url">Sustainability at Nasdaq</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/nasdaq-entrepreneurial-center" itemprop="url">Nasdaq Entrepreneurial Center</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/nasdaq-ventures" itemprop="url">Nasdaq Ventures</a> </li> <li class="primary-nav__mega-links-item" itemprop="name"> <a class="primary-nav__mega-links-link" href="/web/20200929083614/https://www.nasdaq.com/Nasdaq-and-the-Cloud" itemprop="url">Nasdaq and the Cloud</a> </li> </ul> </li> </ul> <div class="primary-nav__cta" tabindex="0"> <a class="primary-nav__cta-link" href="/web/20200929083614/https://www.nasdaq.com/about" itemprop="url"> <span class="primary-nav__cta-text">See All About</span> <span class="primary-nav__cta-arrow" aria-hidden="true"></span> </a> </div> </div> </li> <li class="primary-nav__link" data-type="login"> <a href="/web/20200929083614/https://www.nasdaq.com/user/login" class="primary-nav__mobile-login">Log in</a> </li> </ul> <div class="primary-nav__right"> <a href="/web/20200929083614/https://www.nasdaq.com/user/login" class="primary-nav__account"></a> <button class="primary-nav__search" aria-label="Toggle search overlay" data-modal-id="search-overlay-modal"></button> <input type="text" class="primary-nav__search-text" aria-label="Toggle search overlay box" data-modal-id="search-overlay-modal" placeholder="Search"></input> </div> </nav> </header> <div class="modal" id="search-overlay-modal" role="dialog" hidden> <div class="loader-overlay"> <div class="svg-loader" style="width: 140px;"> <div class="svg-loader__container"> <svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" viewbox="0 0 70 60" xml:space="preserve"> <style type="text/css"> .st0 { fill: #0090BA; } </style> <defs> <lineargradient id="mask-gradient-878679223" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="10%" stop-color="white" stop-opacity="0"/> <stop offset="20%" stop-color="white" stop-opacity="1"/> <stop offset="100%" stop-color="white" stop-opacity="1"/> <stop offset="110%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-1012165853" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="20%" stop-color="white" stop-opacity="0"/> <stop offset="25%" stop-color="white" stop-opacity="1"/> <stop offset="75%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-1697068666" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="-10%" stop-color="white" stop-opacity="0"/> <stop offset="0%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="1"/> <stop offset="90%" stop-color="white" stop-opacity="0"/> </lineargradient> <mask id="mask-878679223"> <rect class="rect-mask__first" x="0" y="-1" width="35" height="75" fill="url(#mask-gradient-878679223)"/> </mask> <mask id="mask-1012165853"> <rect class="rect-mask__second" x="27" y="10" width="16" height="40" fill="url(#mask-gradient-1012165853)"/> </mask> <mask id="mask-1697068666"> <rect class="rect-mask__third" x="35" y="-10" width="35" height="75" fill="url(#mask-gradient-1697068666)"/> </mask> </defs> <path class="st0" mask="url(#mask-878679223)" d="M34.9,14.9L34.9,14.9c-1.2,0.1-2.3,0.9-2.7,2L16.7,59.6H0l15.5-42.7c0.4-1.1,1.5-2,2.8-2H34.9"/> <path class="st0" mask="url(#mask-1012165853)" d="M33.6,44c-1.2,0-2.1-0.7-2.6-1.7l-3.3-9.2l5.7-15.7c0.1-0.3,0.3-0.6,0.4-0.7c0.5-0.7,1.3-1.2,2.3-1.2 c1.2,0,2.2,0.7,2.6,1.7l3.3,9.1l-5.7,15.7c-0.1,0.4-0.3,0.6-0.4,0.7C35.4,43.5,34.6,44,33.6,44z"/> <path class="st0" mask="url(#mask-1697068666)" d="M35,44.6L35,44.6c1.2-0.1,2.1-0.9,2.5-2L53,0h16.7L54.1,42.7c-0.4,1.1-1.5,2-2.8,2H35"/> </svg> </div> </div> <div class="error-state">Data is currently not available</div> </div> <div class="modal__container"> <div class="modal__flex"> <div class="modal__body"> <div class="modal__controls"> <button class="modal__close" aria-label="Click to close" data-modal-close></button> </div> <div class="modal__content"> <div class="search-overlay-container" data-modal-form-focus> <div class="loader-overlay"> <div class="svg-loader" style="width: 140px;"> <div class="svg-loader__container"> <svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" viewbox="0 0 70 60" xml:space="preserve"> <style type="text/css"> .st0 { fill: #0090BA; } </style> <defs> <lineargradient id="mask-gradient-1042633000" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="10%" stop-color="white" stop-opacity="0"/> <stop offset="20%" stop-color="white" stop-opacity="1"/> <stop offset="100%" stop-color="white" stop-opacity="1"/> <stop offset="110%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-2106818068" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="20%" stop-color="white" stop-opacity="0"/> <stop offset="25%" stop-color="white" stop-opacity="1"/> <stop offset="75%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-1141020802" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="-10%" stop-color="white" stop-opacity="0"/> <stop offset="0%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="1"/> <stop offset="90%" stop-color="white" stop-opacity="0"/> </lineargradient> <mask id="mask-1042633000"> <rect class="rect-mask__first" x="0" y="-1" width="35" height="75" fill="url(#mask-gradient-1042633000)"/> </mask> <mask id="mask-2106818068"> <rect class="rect-mask__second" x="27" y="10" width="16" height="40" fill="url(#mask-gradient-2106818068)"/> </mask> <mask id="mask-1141020802"> <rect class="rect-mask__third" x="35" y="-10" width="35" height="75" fill="url(#mask-gradient-1141020802)"/> </mask> </defs> <path class="st0" mask="url(#mask-1042633000)" d="M34.9,14.9L34.9,14.9c-1.2,0.1-2.3,0.9-2.7,2L16.7,59.6H0l15.5-42.7c0.4-1.1,1.5-2,2.8-2H34.9"/> <path class="st0" mask="url(#mask-2106818068)" d="M33.6,44c-1.2,0-2.1-0.7-2.6-1.7l-3.3-9.2l5.7-15.7c0.1-0.3,0.3-0.6,0.4-0.7c0.5-0.7,1.3-1.2,2.3-1.2 c1.2,0,2.2,0.7,2.6,1.7l3.3,9.1l-5.7,15.7c-0.1,0.4-0.3,0.6-0.4,0.7C35.4,43.5,34.6,44,33.6,44z"/> <path class="st0" mask="url(#mask-1141020802)" d="M35,44.6L35,44.6c1.2-0.1,2.1-0.9,2.5-2L53,0h16.7L54.1,42.7c-0.4,1.1-1.5,2-2.8,2H35"/> </svg> </div> </div> <div class="error-state">Data is currently not available</div> </div> <div class="search-overlay"> </div> </div> </div> </div> </div> </div> </div> <div id="block-survival"> <style> <!--/*--><![CDATA[/* ><!--*/ <!--/*--><![CDATA[/* ><!--*/ <p>#block-survival-2 { display: none; } .page-node-type-microsite-landing .ads__midpage-fullwidth { padding-bottom: 10px; } @media only screen and (min-width: 75rem) { .article .body__right-rail:first-of-type { margin-top: 44% !important; } .article .body__right-rail { margin-top: 0; }} /*--><!]]]]><![CDATA[>*/ /*--><!]]>*/ </style> </div> </div> <main class="page__main" role="main"> <div class="modal-overlay"></div> <a id="main-content" tabindex="-1"></a> <div class="page__content"> <div data-drupal-messages-fallback class="hidden"></div><header class="microsite-header"> <div class="microsite-header__bg microsite-header__bg--gradient-1-dark" aria-hidden="true"> <picture class="picture"> <source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1600x500/public/2019-04/AdobeStock_218469259.jpeg?h=cb7b63f3&itok=o-RyQHiS 1x"/> <source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/1200x500/public/2019-04/AdobeStock_218469259.jpeg?h=cb7b63f3&itok=szcAgC5a 1x"/> <source type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/768x500/public/2019-04/AdobeStock_218469259.jpeg?h=cb7b63f3&itok=QTNBGREG 1x"/> <img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/1200x500/public/2019-04/AdobeStock_218469259.jpeg?h=cb7b63f3&itok=szcAgC5a" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Abstract background " typeof="foaf:Image"/> </picture> </div> <div class="microsite-header__grid"> <div class="microsite-header__content"> <div class="microsite-header__title-section"> <h1 class="microsite-header__title">Market Makers </h1> </div> <div class="microsite-header__description"> <p class="microsite-header__description-text"> Get the latest market insights and analysis, every Thursday, in your inbox. </p> </div> <div class="microsite-header__cta-container"> <div class="microsite-header__cta"> <a class="arrow-cta arrow-cta--blue" href="/web/20200929083614/https://www.nasdaq.com/market-makers/sign-up"> <span class="arrow-cta__text" aria-label="subscribe ">subscribe </span> <span class="arrow-cta__icon" aria-hidden="true"></span> </a> </div> </div> </div> </div> <div class="microsite-header__header-fade"></div> </header> <div class="layout layout--full"> <div class="layout--main"><div class="microsite-eyebrow"> <div class="microsite-eyebrow__line"></div> <div class="microsite-eyebrow__text">the market is moving. keep up.</div> </div> </div> </div> <div class="layout layout--1-col-centered"> <div class="layout--main"> <div class="body body--centered"> <div class="body__content"> <p>The global economy is changing faster than ever before. Market Makers provides deep insights and analysis on the transformative forces shaping the global economy, delivered every Thursday. </p> <p>Authored by Nasdaq Chief Economist Phil Mackintosh, 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. </p> </div> </div> </div> </div> <div class="layout layout--full"> <div class="layout--main"> <div data-paragraph-id="8331296" class="js-ajax-lazy-load lazy-load-paragraph"></div> </div> </div> <div class="layout layout--full"> <div class="layout--main"> <div data-paragraph-id="2431626" class="js-ajax-lazy-load lazy-load-paragraph"></div> </div> </div> <section class="series-video-player" data-variation="playlist"> <div class="series-video-player__headline"> <h2 class="module-header"> Phil Mackintosh Daily #TradeTalks </h2> </div> <div class="series-video-player__container"> <div class="series-video-player__wrap"> <div class="series-video-player__current"> <div class="series-video-player__current-video" aria-hidden="false"><div class="brightcove-player sizing-responsive"> <div style="max-width: 100%;"> <video-js class="vjs-fluid" id="player" controls="" data-account="5699924556001" data-embed="default" data-player="BjJQ1cQHCo" data-usage="cms:drupal:8.8.8:8.x-2.0:javascript" data-video-id="6194224573001"></video-js> </div> <ol class="vjs-playlist"></ol> <script src="//web.archive.org/web/20200929083614js_/https://players.brightcove.net/5699924556001/BjJQ1cQHCo_default/index.min.js"></script> <script> var player = videojs('player'); player.autoplay(false); </script> </div> </div> </div> <div class="series-video-player__list"> <button class="series-video-player__item" data-video-id="6194224573001" data-video-player="BjJQ1cQHCo" aria-label="Click to play #TradeTalks: It’s not just stocks that are selling off, so where is the money going?" data-video-account="5699924556001" aria-selected="true"> <figure class="series-video-player__figure"> <span class="series-video-player__playing-label" aria-hidden="false">Now Playing</span> <span aria-hidden="true"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x90/public/brightcove/videos/images/posters/image_5381.jpg?itok=eaO3_6d-" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </span> </figure> <div class="series-video-player__info"> <span class="series-video-player__title">#TradeTalks: It’s not just stocks that are selling off, so where is the money going?</span> <span class="series-video-player__date">4 days ago</span> </div> </button> <button class="series-video-player__item" data-video-id="6193889948001" data-video-player="BjJQ1cQHCo" aria-label="Click to play #TradeTalks: If You’re Waiting For Value Stocks Underperformance to Correct, We Need Some Good News on Vaccines" data-video-account="5699924556001" aria-selected="false"> <figure class="series-video-player__figure"> <span class="series-video-player__playing-label" aria-hidden="true">Now Playing</span> <span aria-hidden="true"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x90/public/brightcove/videos/images/posters/image_5362.jpg?itok=rs5Bg5lm" alt="" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </span> </figure> <div class="series-video-player__info"> <span class="series-video-player__title">#TradeTalks: If You’re Waiting For Value Stocks Underperformance to Correct, We Need Some Good News on Vaccines</span> <span class="series-video-player__date">5 days ago</span> </div> </button> <button class="series-video-player__item" data-video-id="6193579675001" data-video-player="BjJQ1cQHCo" aria-label="Click to play #TradeTalks: Economic Data Shows Many Segments of the Economy Are Recovering Faster Than Expected" data-video-account="5699924556001" aria-selected="false"> <figure class="series-video-player__figure"> <span class="series-video-player__playing-label" aria-hidden="true">Now Playing</span> <span aria-hidden="true"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x90/public/brightcove/videos/images/posters/image_5357.jpg?itok=zCn3KeR1" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </span> </figure> <div class="series-video-player__info"> <span class="series-video-player__title">#TradeTalks: Economic Data Shows Many Segments of the Economy Are Recovering Faster Than Expected</span> <span class="series-video-player__date">6 days ago</span> </div> </button> <button class="series-video-player__item" data-video-id="6193130884001" data-video-player="BjJQ1cQHCo" aria-label="Click to play #TradeTalks: Volatility Remains Elevated with Just Over Six Weeks Until the U.S. National Election" data-video-account="5699924556001" aria-selected="false"> <figure class="series-video-player__figure"> <span class="series-video-player__playing-label" aria-hidden="true">Now Playing</span> <span aria-hidden="true"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x90/public/brightcove/videos/images/posters/image_5343.jpg?itok=oU3gEwdl" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </span> </figure> <div class="series-video-player__info"> <span class="series-video-player__title">#TradeTalks: Volatility Remains Elevated with Just Over Six Weeks Until the U.S. National Election</span> <span class="series-video-player__date">Sep 21, 2020</span> </div> </button> <div class="series-video-player__cta"> <a class="series-video-player__cta-link" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/news-and-insights/tradetalks-with-phil-mackintosh"> <span class="series-video-player__cta-text">See More Episodes</span> <span class="series-video-player__cta-arrow" aria-hidden="true"></span> </a> </div> </div> </div> </div> <div class="series-video-player__bg" aria-hidden="true"></div> </section> <div class="layout layout--full"> <div class="layout--main"> <div data-paragraph-id="8618106" class="js-ajax-lazy-load lazy-load-paragraph"></div> </div> </div> <section class="insights-5-up insights-5-up--with-cta"> <div class="insights-5-up__container"> <h1 class="insights-5-up__heading">Read Phil Mackintosh's Insights</h1> <div class="insights-5-up__carousel glide"> <div class="insights-5-up__track glide__track" data-glide-el="track"> <ul class="insights-5-up__slides glide__slides"> <li class="insights-5-up__slide glide__slide"> <figure class="insights-5-up__image"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/the-calm-during-the-storm%3A-an-unusual-summer-of-trading-2020-08-13"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x160/public/2020/03/16/stocks-iamchamp-adobe.jpg?h=6acbff97&itok=pBUa5byy" alt="Abstract image of a stock chart" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </a> </figure> <div class="insights-5-up__info"> <span class="eyebrow" aria-label="Stocks"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/the-calm-during-the-storm%3A-an-unusual-summer-of-trading-2020-08-13" class="eyebrow__link"> Stocks </a> </span> <p class="insights-5-up__title"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/the-calm-during-the-storm%3A-an-unusual-summer-of-trading-2020-08-13"> The Calm During the Storm: An Unusual Summer of Trading </a> </p> </div> </li> <li class="insights-5-up__slide glide__slide"> <figure class="insights-5-up__image"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/nasdaq-takers-get-price-improvement-too-2020-08-06"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x160/public/2020/01/07/investing18.jpg?h=a141e9ea&itok=vBG4sJ5-" alt="Digital pen on tablet drawing a stock chart" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </a> </figure> <div class="insights-5-up__info"> <span class="eyebrow" aria-label="Market Infrastructure"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/nasdaq-takers-get-price-improvement-too-2020-08-06" class="eyebrow__link"> Market Infrastructure </a> </span> <p class="insights-5-up__title"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/nasdaq-takers-get-price-improvement-too-2020-08-06"> Nasdaq Takers Get Price Improvement Too </a> </p> </div> </li> <li class="insights-5-up__slide glide__slide"> <figure class="insights-5-up__image"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/what-is-the-value-of-market-fragmentation-2020-07-30"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x160/public/2020/03/25/stocks-zhu-difeng-adobe.jpg?h=6acbff97&itok=o3iP_pYj" alt="Display of stock quotes" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </a> </figure> <div class="insights-5-up__info"> <span class="eyebrow" aria-label="Market Infrastructure"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/what-is-the-value-of-market-fragmentation-2020-07-30" class="eyebrow__link"> Market Infrastructure </a> </span> <p class="insights-5-up__title"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/what-is-the-value-of-market-fragmentation-2020-07-30"> What is the Value of Market Fragmentation? </a> </p> </div> </li> <li class="insights-5-up__slide glide__slide"> <figure class="insights-5-up__image"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/m-elo-still-has-the-best-markouts-2020-07-09"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x160/public/2020/03/19/stocks-witthaya-adobe.jpg?h=6acbff97&itok=gXglRnCe" alt="Person checking stock price on smartphone" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </a> </figure> <div class="insights-5-up__info"> <span class="eyebrow" aria-label="Markets"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/m-elo-still-has-the-best-markouts-2020-07-09" class="eyebrow__link"> Markets </a> </span> <p class="insights-5-up__title"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/m-elo-still-has-the-best-markouts-2020-07-09"> M-ELO (Still) Has the Best Markouts </a> </p> </div> </li> <li class="insights-5-up__slide glide__slide"> <figure class="insights-5-up__image"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/an-interns-guide-to-the-market-structure-galaxy-2020-07-16"> <img class="b-lazy media__image media__element" data-src="/sites/acquia.prod/files/styles/160x160/public/2019-08/technology01-adobe.jpg?h=b6717701&itok=7kLJ9Ci7" alt="An image of of the globe constructed by series of geometric patterns" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" typeof="foaf:Image"/> </a> </figure> <div class="insights-5-up__info"> <span class="eyebrow" aria-label="Market Infrastructure"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/an-interns-guide-to-the-market-structure-galaxy-2020-07-16" class="eyebrow__link"> Market Infrastructure </a> </span> <p class="insights-5-up__title"> <a href="/web/20200929083614/https://www.nasdaq.com/articles/an-interns-guide-to-the-market-structure-galaxy-2020-07-16"> An Intern's Guide to the Market Structure Galaxy </a> </p> </div> </li> </ul> <div class="insights-5-up__button-container" data-href="https://www.nasdaq.com/authors/phil-mackintosh"> <a class="arrow-cta" href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/authors/phil-mackintosh"> <span class="arrow-cta__text" aria-label="Phil's Author Page">Phil's Author Page</span> <span class="arrow-cta__icon" aria-hidden="true"></span> </a> </div> </div> <div class="insights-5-up__controls-container" aria-hidden="true"> <div class="carousel-controls" data-glide-el="controls"> <div class="carousel-controls__prev" data-glide-dir="<"> <button class="arrow-cta" aria-label="Previous"> <span class="arrow-cta__text" aria-label=""></span> <span class="arrow-cta__icon" aria-hidden="true"></span> </button> </div> <div class="carousel-controls__count" data-glide-el="count"> <span class="carousel-controls__current" data-glide-el="current"></span>/<span class="carousel-controls__total" data-glide-el="total"></span> </div> <div class="carousel-controls__next" data-glide-dir=">"> <button class="arrow-cta" aria-label="Next"> <span class="arrow-cta__text" aria-label=""></span> <span class="arrow-cta__icon" aria-hidden="true"></span> </button> </div> </div> </div> </div> </div> </section> <div class="layout layout--full"> <div class="layout--main"> <section class="featured-person"> <div class="featured-person__content"> <h2 class="module-header"> Nasdaq Chief Economist </h2> <div class="person-cards"> <section class="person-card"> <header class="person-card__header"> <div class="person-card__image-container"> <figure class="person-card__image"> <a href="/web/20200929083614/https://www.nasdaq.com/authors/phil-mackintosh"> <picture class="picture"> <source media="all and (min-width: 1200px)" type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/355x355/public/2020/03/30/Phil%20Mackintosh.jpg?h=7d66a0c3&itok=W4u03LVY 1x"/> <source media="all and (min-width: 768px)" type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/355x355/public/2020/03/30/Phil%20Mackintosh.jpg?h=7d66a0c3&itok=W4u03LVY 1x"/> <source type="image/jpeg" data-srcset="/web/20200929083614im_/https://www.nasdaq.com/sites/acquia.prod/files/styles/460x460/public/2020/03/30/Phil%20Mackintosh.jpg?h=7d66a0c3&itok=QeSxUShJ 1x"/> <img class="media__image media__element b-lazy b-responsive" data-src="/sites/acquia.prod/files/styles/355x355/public/2020/03/30/Phil%20Mackintosh.jpg?h=7d66a0c3&itok=W4u03LVY" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" alt="Phil Mackintosh" typeof="foaf:Image"/> </picture> </a> </figure> </div> </header> <div class="person-card__info"> <h2 class="person-card__name"> <a href="/web/20200929083614/https://www.nasdaq.com/authors/phil-mackintosh"> Phil Mackintosh </a> </h2> <h3 class="person-card__subhead"> Nasdaq Chief Economist </h3> <p class="person-card__description">Phil Mackintosh, Nasdaq Chief Economist, has 28 years of experience in the Finance industry, including roles on the sell-side, buy-side and at accounting firms, which included managing trading, research and risk teams. He is an expert in index construction and ETF trading and has published extensive research on trading, ETFs and market structure.</p> </div> </section> </div> </div> </section> </div> </div> <div data-paragraph-id="8615941" class="js-ajax-lazy-load lazy-load-paragraph"></div> <div class="layout layout--full"> <div class="layout--main"> <div data-paragraph-id="8615921" class="js-ajax-lazy-load lazy-load-paragraph"></div> </div> </div> </div> </main> <footer class="page__footer" role="contentinfo"> <footer class="footer" role="contentinfo" aria-label="footer"> <div class="footer__content"> <div class="footer__form form"> <fieldset class="footer__fieldset"> <legend class="footer__form-header">Market Makers</legend> <div class="footer__form-container"> <label class="footer__form-label" for="footer-input">Sign up for our newsletter to get the latest on the transformative forces shaping the global economy, delivered every Thursday.</label> <div class="eloqua-form"> <div><form method="post" name="MarketMakerNewsletterSignUp" action="https://web.archive.org/web/20200929083614/https://s1981692173.t.eloqua.com/e/f2" onsubmit="return handleFormSubmit(this)" id="form1783" class="elq-form"><input value="MarketMakerNewsletterSignUp" type="hidden" name="elqFormName"/><input value="1981692173" type="hidden" name="elqSiteId"/><input name="elqCampaignId" type="hidden"/><div id="formElement0" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field0" type="hidden" name="hiddenField3" value="1783"/></p></div></div></div><div id="formElement1" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><label for="field1" class="label-position top ">Email Address<span class="required">*</span></label><input id="field1" name="emailAddress" type="text" value="" class="field-size-top-large"/></p></div></div></div><div id="formElement2" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><label for="field2" class="label-position top ">Location<span class="required">*</span></label><select id="field2" name="country" data-value="" class="field-size-top-large"><option value="">Please select…</option><option value="United States">United States</option><option value="Afghanistan">Afghanistan</option><option value="Åland Islands">Åland Islands</option><option value="Albania">Albania</option><option value="Algeria">Algeria</option><option value="American Samoa">American Samoa</option><option value="Andorra">Andorra</option><option value="Angola">Angola</option><option value="Anguilla">Anguilla</option><option value="Antarctica">Antarctica</option><option value="Antigua and Barbuda">Antigua and Barbuda</option><option value="Argentina">Argentina</option><option value="Armenia">Armenia</option><option value="Aruba">Aruba</option><option value="Australia">Australia</option><option value="Austria">Austria</option><option value="Azerbaijan">Azerbaijan</option><option value="Bahamas">Bahamas</option><option value="Bahrain">Bahrain</option><option value="Bangladesh">Bangladesh</option><option value="Barbados">Barbados</option><option value="Belarus">Belarus</option><option value="Belgium">Belgium</option><option value="Belize">Belize</option><option value="Benin">Benin</option><option value="Bermuda">Bermuda</option><option value="Bhutan">Bhutan</option><option value="Bolivia, Plurinational State of">Bolivia, Plurinational State of</option><option value="Bonaire, Sint Eustatius and Saba">Bonaire, Sint Eustatius and Saba</option><option value="Bosnia and Herzegovina">Bosnia and Herzegovina</option><option value="Botswana">Botswana</option><option value="Bouvet Island">Bouvet Island</option><option value="Brazil">Brazil</option><option value="British Indian Ocean Territory">British Indian Ocean Territory</option><option value="Brunei Darussalam">Brunei Darussalam</option><option value="Bulgaria">Bulgaria</option><option value="Burkina Faso">Burkina Faso</option><option value="Burundi">Burundi</option><option value="Cambodia">Cambodia</option><option value="Cameroon">Cameroon</option><option value="Canada">Canada</option><option value="Cape Verde">Cape Verde</option><option value="Cayman Islands">Cayman Islands</option><option value="Central African Republic">Central African Republic</option><option value="Chad">Chad</option><option value="Chile">Chile</option><option value="China">China</option><option value="Christmas Island">Christmas Island</option><option value="Cocos (Keeling) Islands">Cocos (Keeling) Islands</option><option value="Colombia">Colombia</option><option value="Comoros">Comoros</option><option value="Congo">Congo</option><option value="Congo, the Democratic Republic of the">Congo, the Democratic Republic of the</option><option value="Cook Islands">Cook Islands</option><option value="Costa Rica">Costa Rica</option><option value="Côte d'Ivoire">Côte d'Ivoire</option><option value="Croatia">Croatia</option><option value="Cuba">Cuba</option><option value="Curaçao">Curaçao</option><option value="Cyprus">Cyprus</option><option value="Czech Republic">Czech Republic</option><option value="Denmark">Denmark</option><option value="Djibouti">Djibouti</option><option value="Dominica">Dominica</option><option value="Dominican Republic">Dominican Republic</option><option value="Ecuador">Ecuador</option><option value="Egypt">Egypt</option><option value="El Salvador">El Salvador</option><option value="Equatorial Guinea">Equatorial Guinea</option><option value="Eritrea">Eritrea</option><option value="Estonia">Estonia</option><option value="Ethiopia">Ethiopia</option><option value="Falkland Islands (Malvinas)">Falkland Islands (Malvinas)</option><option value="Faroe Islands">Faroe Islands</option><option value="Fiji">Fiji</option><option value="Finland">Finland</option><option value="France">France</option><option value="French Guiana">French Guiana</option><option value="French Polynesia">French Polynesia</option><option value="French Southern Territories">French Southern Territories</option><option value="Gabon">Gabon</option><option value="Gambia">Gambia</option><option value="Georgia">Georgia</option><option value="Germany">Germany</option><option value="Ghana">Ghana</option><option value="Gibraltar">Gibraltar</option><option value="Greece">Greece</option><option value="Greenland">Greenland</option><option value="Grenada">Grenada</option><option value="Guadeloupe">Guadeloupe</option><option value="Guam">Guam</option><option value="Guatemala">Guatemala</option><option value="Guernsey">Guernsey</option><option value="Guinea">Guinea</option><option value="Guinea-Bissau">Guinea-Bissau</option><option value="Guyana">Guyana</option><option value="Haiti">Haiti</option><option value="Heard Island and McDonald Islands">Heard Island and McDonald Islands</option><option value="Holy See (Vatican City State)">Holy See (Vatican City State)</option><option value="Honduras">Honduras</option><option value="Hong Kong">Hong Kong</option><option value="Hungary">Hungary</option><option value="Iceland">Iceland</option><option value="India">India</option><option value="Indonesia">Indonesia</option><option value="Iran, Islamic Republic of">Iran, Islamic Republic of</option><option value="Iraq">Iraq</option><option value="Ireland">Ireland</option><option value="Isle of Man">Isle of Man</option><option value="Israel">Israel</option><option value="Italy">Italy</option><option value="Jamaica">Jamaica</option><option value="Japan">Japan</option><option value="Jersey">Jersey</option><option value="Jordan">Jordan</option><option value="Kazakhstan">Kazakhstan</option><option value="Kenya">Kenya</option><option value="Kiribati">Kiribati</option><option value="Korea, Democratic People's Republic of">Korea, Democratic People's Republic of</option><option value="Korea, Republic of">Korea, Republic of</option><option value="Kuwait">Kuwait</option><option value="Kyrgyzstan">Kyrgyzstan</option><option value="Lao People's Democratic Republic">Lao People's Democratic Republic</option><option value="Latvia">Latvia</option><option value="Lebanon">Lebanon</option><option value="Lesotho">Lesotho</option><option value="Liberia">Liberia</option><option value="Libyan Arab Jamahiriya">Libyan Arab Jamahiriya</option><option value="Liechtenstein">Liechtenstein</option><option value="Lithuania">Lithuania</option><option value="Luxembourg">Luxembourg</option><option value="Macao">Macao</option><option value="Macedonia, the former Yugoslav Republic of">Macedonia, the former Yugoslav Republic of</option><option value="Madagascar">Madagascar</option><option value="Malawi">Malawi</option><option value="Malaysia">Malaysia</option><option value="Maldives">Maldives</option><option value="Mali">Mali</option><option value="Malta">Malta</option><option value="Marshall Islands">Marshall Islands</option><option value="Martinique">Martinique</option><option value="Mauritania">Mauritania</option><option value="Mauritius">Mauritius</option><option value="Mayotte">Mayotte</option><option value="Mexico">Mexico</option><option value="Micronesia, Federated States of">Micronesia, Federated States of</option><option value="Moldova, Republic of">Moldova, Republic of</option><option value="Monaco">Monaco</option><option value="Mongolia">Mongolia</option><option value="Montenegro">Montenegro</option><option value="Montserrat">Montserrat</option><option value="Morocco">Morocco</option><option value="Mozambique">Mozambique</option><option value="Myanmar">Myanmar</option><option value="Namibia">Namibia</option><option value="Nauru">Nauru</option><option value="Nepal">Nepal</option><option value="Netherlands">Netherlands</option><option value="New Caledonia">New Caledonia</option><option value="New Zealand">New Zealand</option><option value="Nicaragua">Nicaragua</option><option value="Niger">Niger</option><option value="Nigeria">Nigeria</option><option value="Niue">Niue</option><option value="Norfolk Island">Norfolk Island</option><option value="Northern Mariana Islands">Northern Mariana Islands</option><option value="Norway">Norway</option><option value="Oman">Oman</option><option value="Pakistan">Pakistan</option><option value="Palau">Palau</option><option value="Palestinian Territory, Occupied">Palestinian Territory, Occupied</option><option value="Panama">Panama</option><option value="Papua New Guinea">Papua New Guinea</option><option value="Paraguay">Paraguay</option><option value="Peru">Peru</option><option value="Philippines">Philippines</option><option value="Pitcairn">Pitcairn</option><option value="Poland">Poland</option><option value="Portugal">Portugal</option><option value="Puerto Rico">Puerto Rico</option><option value="Qatar">Qatar</option><option value="Reunion">Reunion</option><option value="Romania">Romania</option><option value="Russian Federation">Russian Federation</option><option value="Rwanda">Rwanda</option><option value="Saint Barthélemy">Saint Barthélemy</option><option value="Saint Helena, Ascension and Tristan da Cunha">Saint Helena, Ascension and Tristan da Cunha</option><option value="Saint Kitts and Nevis">Saint Kitts and Nevis</option><option value="Saint Lucia">Saint Lucia</option><option value="Saint Martin (French part)">Saint Martin (French part)</option><option value="Saint Pierre and Miquelon">Saint Pierre and Miquelon</option><option value="Saint Vincent and the Grenadines">Saint Vincent and the Grenadines</option><option value="Samoa">Samoa</option><option value="San Marino">San Marino</option><option value="Sao Tome and Principe">Sao Tome and Principe</option><option value="Saudi Arabia">Saudi Arabia</option><option value="Senegal">Senegal</option><option value="Serbia">Serbia</option><option value="Seychelles">Seychelles</option><option value="Sierra Leone">Sierra Leone</option><option value="Singapore">Singapore</option><option value="Sint Maarten (Dutch part)">Sint Maarten (Dutch part)</option><option value="Slovakia">Slovakia</option><option value="Slovenia">Slovenia</option><option value="Solomon Islands">Solomon Islands</option><option value="Somalia">Somalia</option><option value="South Africa">South Africa</option><option value="South Georgia and the South Sandwich Islands">South Georgia and the South Sandwich Islands</option><option value="South Sudan">South Sudan</option><option value="Spain">Spain</option><option value="Sri Lanka">Sri Lanka</option><option value="Sudan">Sudan</option><option value="Suriname">Suriname</option><option value="Svalbard and Jan Mayen">Svalbard and Jan Mayen</option><option value="Swaziland">Swaziland</option><option value="Sweden">Sweden</option><option value="Switzerland">Switzerland</option><option value="Syrian Arab Republic">Syrian Arab Republic</option><option value="Taiwan">Taiwan</option><option value="Tajikistan">Tajikistan</option><option value="Tanzania, United Republic of">Tanzania, United Republic of</option><option value="Thailand">Thailand</option><option value="Timor-Leste">Timor-Leste</option><option value="Togo">Togo</option><option value="Tokelau">Tokelau</option><option value="Tonga">Tonga</option><option value="Trinidad and Tobago">Trinidad and Tobago</option><option value="Tunisia">Tunisia</option><option value="Turkey">Turkey</option><option value="Turkmenistan">Turkmenistan</option><option value="Turks and Caicos Islands">Turks and Caicos Islands</option><option value="Tuvalu">Tuvalu</option><option value="Uganda">Uganda</option><option value="Ukraine">Ukraine</option><option value="United Arab Emirates">United Arab Emirates</option><option value="United Kingdom">United Kingdom</option><option value="United States Minor Outlying Islands">United States Minor Outlying Islands</option><option value="Uruguay">Uruguay</option><option value="Uzbekistan">Uzbekistan</option><option value="Vanuatu">Vanuatu</option><option value="Venezuela, Bolivarian Republic of">Venezuela, Bolivarian Republic of</option><option value="Viet Nam">Viet Nam</option><option value="Virgin Islands (British)">Virgin Islands (British)</option><option value="Virgin Islands, U.S.">Virgin Islands, U.S.</option><option value="Wallis and Futuna">Wallis and Futuna</option><option value="Western Sahara">Western Sahara</option><option value="Yemen">Yemen</option><option value="Zambia">Zambia</option><option value="Zimbabwe">Zimbabwe</option><option value="--------------"></option></select></p></div></div></div><div id="formElement3" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="section-break"><h3 class="heading">Please opt-in to receive news and information about Nasdaq’s services.</h3><label class="instructions default other">If you do not opt-in you will not receive any emails from Nasdaq.</label></div></div><div id="formElement4" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><span class="checkbox-span field-size-top-large"><span class="list-order oneColumn"><input name="singleCheckbox" type="checkbox" value="on"/><label class="checkbox-label">Yes! I would like to receive Nasdaq communications related to Products, Industry News and Events.</label></span></span><label class="instructions default other">You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy.</label></p></div></div></div><div id="formElement5" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field5" type="hidden" name="productFamily" value=""/></p></div></div></div><div id="formElement6" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field6" type="hidden" name="hiddenField" value=""/></p></div></div></div><div id="formElement7" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field7" type="hidden" name="SFDCCampaignid" value=""/></p></div></div></div><div id="formElement8" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field8" type="hidden" name="sourcemostrecent" value=""/></p></div></div></div><div id="formElement9" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field9" type="hidden" name="channelmostrecent" value=""/></p></div></div></div><div id="formElement10" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field10" type="hidden" name="offermostrecent" value=""/></p></div></div></div><div id="formElement11" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><label for="field11" class="label-position top ">elq_hp<span class="required">*</span></label><input id="field11" name="elq_hp" type="text" value="" class="field-size-top-large"/></p></div></div></div><div id="formElement12" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field12" type="hidden" name="ppc-campaignid" value=""/></p></div></div></div><div id="formElement13" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field13" type="hidden" name="gclid" value=""/></p></div></div></div><div id="formElement14" class="sc-view form-design-field sc-static-layout sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input id="field14" type="hidden" name="hiddenField2" value="Market Maker Newsletter Sign up"/></p></div></div></div><div id="formElement15" class="sc-view form-design-field sc-static-layout item-padding sc-regular-size"><div class="field-wrapper"></div><div class="individual field-wrapper"><div class="_100 field-style"><p class="field-p"><input type="submit" value="Submit" class="submit-button" style="font-size: 100%; height: 24px; width: 100px"/></p></div></div></div></form><style type="text/css" media="screen">.elq-form .loader{ vertical-align: middle; display: inline-block; margin-left:10px; border: 3px solid #f3f3f3; border-radius: 50%; border-top: 3px solid #3498db; width: 20px; height: 20px; -webkit-animation: spin 2s linear infinite; animation: spin 2s linear infinite;} @-webkit-keyframes spin { 0% { -webkit-transform: rotate(0deg); } 100% { -webkit-transform: rotate(360deg); } } @keyframes spin { 0% { transform: rotate(0deg); } 100% { transform: rotate(360deg); }} .LV_validation_message{ font-weight:bold; margin: 0 0 0 5px; } .LV_valid{ color:#00CC00; display:none; } .LV_invalid{ color:#CC0000; font-size:10px; } .LV_valid_field, input.LV_valid_field:hover, input.LV_valid_field:active, textarea.LV_valid_field:hover, textarea.LV_valid_field:active { outline: 1px solid #00CC00; } .LV_invalid_field, input.LV_invalid_field:hover, input.LV_invalid_field:active, textarea.LV_invalid_field:hover, textarea.LV_invalid_field:active { outline: 1px solid #CC0000; }</style><script id="formScript" type="text/javascript">function decode(str){ str = str.replace(/&/g, "&"); str = str.replace(/"/g, "\""); return str;} var checkDom1783; function isDomLoadedFor1783() { if (document.readyState === "complete") { window.clearTimeout(checkDom1783); var s = document.createElement("script");s.setAttribute("id", "overlayFormScript1783");s.innerHTML = decode(document.getElementById("scriptContainer1783").innerText); document.body.appendChild(s);} else { checkDom1783 = window.setTimeout(isDomLoadedFor1783, 500); }} isDomLoadedFor1783(); </script><span id="scriptContainer1783" style="display:none">var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /^([^@\s]+)@((?:[-a-z0-9]+\.)+[a-z]{2,})$/i, failureMessage: "A valid email address is required"});var dom2 = document.querySelector('#form1783 #field2');var field2 = new LiveValidation(dom2, {validMessage: "", onlyOnBlur: false, wait: 300});field2.add(Validate.Presence, {failureMessage:"This field is required"});var dom11 = document.querySelector('#form1783 #field11');var field11 = new LiveValidation(dom11, {validMessage: "", onlyOnBlur: false, wait: 300});field11.add(Validate.Custom, {against: function(value) {return !value.match(/(telnet|ftp|https?):\/\/(?:[a-z0-9][a-z0-9-]{0,61}[a-z0-9]\.|[a-z0-9]\.)+[a-z]{2,63}/i);}, failureMessage: "Value must not contain any URL's"});field11.add(Validate.Presence, {failureMessage:"This field is required"});field11.add(Validate.Length, {tooShortMessage:"Invalid length for field value", tooLongMessage: "Invalid length for field value", minimum: 4, maximum: 4});function handleFormSubmit(ele) { var submitButton = ele.querySelector('input[type=submit]'); var spinner = document.createElement('span'); spinner.setAttribute('class', 'loader'); submitButton.setAttribute('disabled', true); submitButton.style.cursor = 'wait'; submitButton.parentNode.appendChild(spinner); return true; }function resetSubmitButton(e){ var submitButtons = e.target.form.getElementsByClassName('submit-button'); for(var i=0;i<submitButtons.length;i++){ submitButtons[i].disabled = false; } }function addChangeHandler(elements){ for(var i=0; i<elements.length; i++){ elements[i].addEventListener('change', resetSubmitButton); } }var form = document.getElementById('form1783'); addChangeHandler(form.getElementsByTagName('input')); addChangeHandler(form.getElementsByTagName('select')); addChangeHandler(form.getElementsByTagName('textarea'));var nodes = document.querySelectorAll('#form1783 input[data-subscription]'); if (nodes) { for (var i = 0, len = nodes.length; i < len; i++) {var status = nodes[i].dataset ? nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}</span></div> </div> <div class="footer__form-success"> <span class="footer__form-success-check"></span> Thanks for submitting! </div> </div> </fieldset> </div> <div class="footer__links"> <ul class="footer__links-primary"> <li class="footer__link-primary"> <a href="https://web.archive.org/web/20200929083614/http://ir.nasdaq.com/" title="Nasdaq Investor Relations Information"> Investor Relations </a> </li> <li class="footer__link-primary"> <a href="/web/20200929083614/https://www.nasdaq.com/contact-us" title="Contact Nasdaq"> Contact </a> </li> <li class="footer__link-primary"> <a href="/web/20200929083614/https://www.nasdaq.com/about/careers" title="Careers at Nasdaq"> Careers </a> </li> <li class="footer__link-primary"> <a href="/web/20200929083614/https://www.nasdaq.com/mediakit" title=""> Advertise </a> </li> <li class="footer__link-primary"> <a href="/web/20200929083614/https://www.nasdaq.com/marketsite" title=""> Nasdaq MarketSIte </a> </li> <li class="footer__link-primary"> <a href="/web/20200929083614/https://www.nasdaq.com/trust-center" title=""> Trust Center </a> </li> </ul> <ul class="footer__links-secondary"> <li class="footer__link-secondary"> <a href="/web/20200929083614/https://www.nasdaq.com/privacy-statement" title=""> Privacy </a> </li> <li class="footer__link-secondary"> <a href="/web/20200929083614/https://www.nasdaq.com/cookie-statement" title=""> Cookies </a> </li> <li class="footer__link-secondary"> <a href="/web/20200929083614/https://www.nasdaq.com/legal" title=""> Legal </a> </li> <li class="footer__link-secondary"> <a href="https://web.archive.org/web/20200929083614/https://www.nasdaq.com/ccpa" title="(CA Residents Only)"> Do Not Sell My Personal Information (CA Residents Only) </a> </li> </ul> </div> <ul class="footer__links-social"> <li class="footer__link-social"> <a href="https://web.archive.org/web/20200929083614/https://www.facebook.com/Nasdaq/" title="Visit NASDAQ on Facebook" aria-label="Facebook"></a> </li> <li class="footer__link-social"> <a href="https://web.archive.org/web/20200929083614/https://twitter.com/Nasdaq" title="Visit NASDAQ on Twitter" aria-label="Twitter"></a> </li> <li class="footer__link-social"> <a href="https://web.archive.org/web/20200929083614/https://www.linkedin.com/company/nasdaq/" title="Visit NASDAQ on LinkedIn" aria-label="LinkedIn"></a> </li> <li class="footer__link-social"> <a href="https://web.archive.org/web/20200929083614/https://www.instagram.com/nasdaq" title="Visit NASDAQ on Instagram" aria-label="Instagram"></a> </li> <li class="footer__link-social"> <a href="https://web.archive.org/web/20200929083614/https://www.pinterest.com/nasdaq/" title="Visit NASDAQ on Pinterest" aria-label="Pinterest"></a> </li> </ul> <a href="/web/20200929083614/https://www.nasdaq.com/" class="footer__logo"> <img src="/web/20200929083614im_/https://www.nasdaq.com/themes/nsdq/dist/assets/images/logo-half-white.svg" alt="Nasdaq Logo"/> </a> <p class="footer__legal">© 2020, Nasdaq, Inc. All Rights Reserved.</p> </div> </footer> </footer> <section class="watchlist" data-initial-open="false"> <button class="watchlist__button" aria-label="Open Watchlist"> <span class="watchlist__button-icon" aria-hidden="true"></span> <span class="watchlist__button-text">Watchlist</span> <div class="watchlist__button-toggle" aria-hidden="true"></div> </button> <div class="watchlist__content" aria-hidden="true"> <header class="watchlist__content-header"> <button class="watchlist__add" aria-label="Add a Symbol">Add a Symbol</button> <a href="https://web.archive.org/web/20200929083614/https://portfolio.nasdaq.com/" class="watchlist__portfolio">My Portfolio</a> <button class="watchlist__close" aria-label="Close Watchlist"></button> <button class="watchlist__edit" aria-label="Edit Watchlist">Edit</button> </header> <div class="watchlist__symbols"> <div class="watchlist__glide glide"> <div class="carousel-controls" data-glide-el="controls"> <div class="carousel-controls__prev" data-glide-dir="<"> <button class="arrow-cta" aria-label="Previous"> <span class="arrow-cta__text" aria-label=""></span> <span class="arrow-cta__icon" aria-hidden="true"></span> </button> </div> <div class="carousel-controls__count" data-glide-el="count"> <span class="carousel-controls__current" data-glide-el="current"></span>/<span class="carousel-controls__total" data-glide-el="total"></span> </div> <div class="carousel-controls__next" data-glide-dir=">"> <button class="arrow-cta" aria-label="Next"> <span class="arrow-cta__text" aria-label=""></span> <span class="arrow-cta__icon" aria-hidden="true"></span> </button> </div> </div> <div class="watchlist__track glide__track" data-glide-el="track"> <ul class="watchlist__slides glide__slides"> <li class="watchlist__slide glide__slide watchlist__slide--add"> <button aria-label="Add a Symbol"></button> </li> <li class="watchlist__slide glide__slide watchlist__slide--clone" aria-hidden="true"> <button class="watchlist__slide-remove" aria-hidden="true" aria-label="Remove from Watchlist"></button> <span class="watchlist__slide-icon" aria-hidden="true"></span> <a class="watchlist__slide-link"> <span class="watchlist__slide-name"></span> <p class="watchlist__slide-price"></p> <p class="watchlist__slide-change-container"> <span class="watchlist__slide-change"></span> <span class="watchlist__slide-change-percent"></span> <p> </a> <div class="watchlist__slide-overlay" aria-hidden="true"></div> </li> </ul> </div> </div> </div> <div class="watchlist__empty" aria-hidden="true"> <span class="watchlist__empty-text">Your Watchlist is empty.</span> <button class="watchlist__empty-add" aria-label="Add a Symbol">Add a Symbol</button> <button class="watchlist__empty-close" aria-label="Close Watchlist"></button> </div> <div class="watchlist__loader" aria-hidden="true"> <div class="svg-loader" style="width: 120px;"> <div class="svg-loader__container"> <svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" viewbox="0 0 70 60" xml:space="preserve"> <style type="text/css"> .st0 { fill: #0090BA; } </style> <defs> <lineargradient id="mask-gradient-1653740222" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="10%" stop-color="white" stop-opacity="0"/> <stop offset="20%" stop-color="white" stop-opacity="1"/> <stop offset="100%" stop-color="white" stop-opacity="1"/> <stop offset="110%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-965694963" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="20%" stop-color="white" stop-opacity="0"/> <stop offset="25%" stop-color="white" stop-opacity="1"/> <stop offset="75%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-1091114219" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="-10%" stop-color="white" stop-opacity="0"/> <stop offset="0%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="1"/> <stop offset="90%" stop-color="white" stop-opacity="0"/> </lineargradient> <mask id="mask-1653740222"> <rect class="rect-mask__first" x="0" y="-1" width="35" height="75" fill="url(#mask-gradient-1653740222)"/> </mask> <mask id="mask-965694963"> <rect class="rect-mask__second" x="27" y="10" width="16" height="40" fill="url(#mask-gradient-965694963)"/> </mask> <mask id="mask-1091114219"> <rect class="rect-mask__third" x="35" y="-10" width="35" height="75" fill="url(#mask-gradient-1091114219)"/> </mask> </defs> <path class="st0" mask="url(#mask-1653740222)" d="M34.9,14.9L34.9,14.9c-1.2,0.1-2.3,0.9-2.7,2L16.7,59.6H0l15.5-42.7c0.4-1.1,1.5-2,2.8-2H34.9"/> <path class="st0" mask="url(#mask-965694963)" d="M33.6,44c-1.2,0-2.1-0.7-2.6-1.7l-3.3-9.2l5.7-15.7c0.1-0.3,0.3-0.6,0.4-0.7c0.5-0.7,1.3-1.2,2.3-1.2 c1.2,0,2.2,0.7,2.6,1.7l3.3,9.1l-5.7,15.7c-0.1,0.4-0.3,0.6-0.4,0.7C35.4,43.5,34.6,44,33.6,44z"/> <path class="st0" mask="url(#mask-1091114219)" d="M35,44.6L35,44.6c1.2-0.1,2.1-0.9,2.5-2L53,0h16.7L54.1,42.7c-0.4,1.1-1.5,2-2.8,2H35"/> </svg> </div> </div> </div> </div> </section> <section class="watchlist-add-overlay" aria-hidden="true"> <div class="watchlist-add-overlay__content"> <header class="watchlist-add-overlay__header"> <button class="watchlist-add-overlay__back" aria-label="Back"><span class="watchlist-add-overlay__back-text">Back</span></button> <button class="watchlist-add-overlay__close" aria-label="Close Watchlist"></button> </header> <form class="watchlist-add-overlay__form"> <label class="watchlist-add-overlay__label">Add a symbol to your watchlist</label> <div class="watchlist-add-overlay__input-wrapper"> <input class="watchlist-add-overlay__input" placeholder="Enter Symbol"> </div> </form> <div class="watchlist-add-overlay__unavailable"> <button class="watchlist-add-overlay__unavailable-close"></button> <span class="watchlist-add-overlay__unavailable-text"></span> </div> <div class="watchlist-add-overlay__results watchlist-add-overlay__results"> <header class="watchlist-add-overlay__results-header">Most Active</header> <ul class="watchlist-add-overlay__results-items"></ul> <li class="watchlist-add-overlay__results-item watchlist-add-overlay__results-item--clone" aria-hidden="true"> <span class="watchlist-add-overlay__symbol"></span> <span class="watchlist-add-overlay__name"></span> <button class="watchlist-add-overlay__add" aria-label="Add to Watchlist" data-symbol=""></button> </li> <div class="watchlist-add-overlay__loader" aria-hidden="true"> <div class="svg-loader" style="width: 120px;"> <div class="svg-loader__container"> <svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" x="0px" y="0px" viewbox="0 0 70 60" xml:space="preserve"> <style type="text/css"> .st0 { fill: #0090BA; } </style> <defs> <lineargradient id="mask-gradient-641158322" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="10%" stop-color="white" stop-opacity="0"/> <stop offset="20%" stop-color="white" stop-opacity="1"/> <stop offset="100%" stop-color="white" stop-opacity="1"/> <stop offset="110%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-950887865" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="20%" stop-color="white" stop-opacity="0"/> <stop offset="25%" stop-color="white" stop-opacity="1"/> <stop offset="75%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="0"/> </lineargradient> <lineargradient id="mask-gradient-1426492005" gradientunits="userSpaceOnUse" x2="0" y2="100%"> <stop offset="-10%" stop-color="white" stop-opacity="0"/> <stop offset="0%" stop-color="white" stop-opacity="1"/> <stop offset="80%" stop-color="white" stop-opacity="1"/> <stop offset="90%" stop-color="white" stop-opacity="0"/> </lineargradient> <mask id="mask-641158322"> <rect class="rect-mask__first" x="0" y="-1" width="35" height="75" fill="url(#mask-gradient-641158322)"/> </mask> <mask id="mask-950887865"> <rect class="rect-mask__second" x="27" y="10" width="16" height="40" fill="url(#mask-gradient-950887865)"/> </mask> <mask id="mask-1426492005"> <rect class="rect-mask__third" x="35" y="-10" width="35" height="75" fill="url(#mask-gradient-1426492005)"/> </mask> </defs> <path class="st0" mask="url(#mask-641158322)" d="M34.9,14.9L34.9,14.9c-1.2,0.1-2.3,0.9-2.7,2L16.7,59.6H0l15.5-42.7c0.4-1.1,1.5-2,2.8-2H34.9"/> <path class="st0" mask="url(#mask-950887865)" d="M33.6,44c-1.2,0-2.1-0.7-2.6-1.7l-3.3-9.2l5.7-15.7c0.1-0.3,0.3-0.6,0.4-0.7c0.5-0.7,1.3-1.2,2.3-1.2 c1.2,0,2.2,0.7,2.6,1.7l3.3,9.1l-5.7,15.7c-0.1,0.4-0.3,0.6-0.4,0.7C35.4,43.5,34.6,44,33.6,44z"/> <path class="st0" mask="url(#mask-1426492005)" d="M35,44.6L35,44.6c1.2-0.1,2.1-0.9,2.5-2L53,0h16.7L54.1,42.7c-0.4,1.1-1.5,2-2.8,2H35"/> </svg> </div> </div> </div> </div> </div> </section> <div class="watchlist-live-region" role="alert" aria-live="assertive" aria-atomic="true" aria-relevant="all"></div> </div> </div> <script src="/web/20200929083614js_/https://www.nasdaq.com/sites/acquia.prod/files/js/js_Jq_eI_2-QjljV-ugmH9qD8u5U9vLadvfcS__2QYL3ug.js"></script> <script src="/web/20200929083614js_/https://www.nasdaq.com/themes/nsdq/dist/react.vendor.js?qh6z27"></script> <script src="/web/20200929083614js_/https://www.nasdaq.com/sites/acquia.prod/files/js/js_ceF7KVxdvoY1VasTfF-CZ6j0xdgCic5l4zMn6EEMB2w.js"></script> <div class="grid-guides"> <div class="grid-guides__container"> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> <div class="grid-guides__row"></div> </div> </div> </body> </html> <!-- FILE ARCHIVED ON 08:36:14 Sep 29, 2020 AND RETRIEVED FROM THE INTERNET ARCHIVE ON 08:27:18 Dec 11, 2024. JAVASCRIPT APPENDED BY WAYBACK MACHINE, COPYRIGHT INTERNET ARCHIVE. ALL OTHER CONTENT MAY ALSO BE PROTECTED BY COPYRIGHT (17 U.S.C. SECTION 108(a)(3)). --> <!-- playback timings (ms): captures_list: 0.479 exclusion.robots: 0.024 exclusion.robots.policy: 0.014 esindex: 0.009 cdx.remote: 6.671 LoadShardBlock: 417.268 (3) PetaboxLoader3.resolve: 405.072 (3) PetaboxLoader3.datanode: 96.423 (4) load_resource: 136.104 -->