NDAQ jumped 7.5% to about $103 in the first full session after its Q3 2026 report, a sharp move for an exchange operator that usually trades on steady expectations, not drama. Traders reacted to the headline beat as Nasdaq posted roughly $1.5b in quarterly revenue and a P/E of 27.7x that now sits above a discounted cash flow value near $88. These are eye catching numbers in a capital markets stock built on long contracts and recurring fees, so the key consideration is whether this move reflects lasting earnings power or only a strong single report.

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