According to CNBC, Nasdaq is preparing to ask the SEC for permission to run nearly 24-hour trading for U.S.-listed stocks and ETFs, five days a week. The proposal would expand trading from the current 16 hours to 23 hours each weekday, split into a “day session” from 4 a.m. to 8 p.m. ET and a “night session” from 9 p.m. to 4 a.m. The exchange is targeting a launch in the second half of 2026, following a one-hour daily break for system maintenance. This move comes as the New York Stock Exchange pursues a similar 22-hour model that received initial SEC approval in February. Critics, including the Wells Fargo trading desk, have already blasted the idea as potentially destabilizing.
The Gamification Fear
Here’s the thing: the loudest pushback isn’t about technology. It’s about psychology and market structure. The Wells Fargo desk didn’t mince words, calling it “literally the worst thing in the world” and “the epitome of making trading even more like gambling.” That’s a pretty stark warning from inside the machine. Their core argument is that most real liquidity and volume is already crammed into the market open and close. Spreading the same amount of trading activity over an extra seven hours could mean thinner order books and sharper, more erratic price swings at odd hours. Basically, it could make the market feel more like a volatile crypto exchange than a stable venue for capital formation. And that’s a problem.
The Operational Headache
Then there’s the sheer logistical grind. Jay Woods, a former NYSE market maker, pointed out the obvious: listed companies need a break. They need predictable windows to release earnings, make announcements, and hold board meetings without immediately moving markets 24/5. He also raised a critical staffing question. Are big institutions now forced to run three shifts? Do asset managers need a night crew staring at screens from 9 p.m. to 4 a.m.? That’s a massive increase in cost and complexity for the entire ecosystem. The counter-argument, of course, is that retail brokers like Robinhood are already offering extended hours because some customers want it. But there’s a huge difference between a niche offering for retail and formalizing it as the default, official market structure for everyone.
A Trend With Momentum
Look, this train might have already left the station. Nasdaq isn’t acting in a vacuum. The NYSE’s plan is already in motion, as noted in their SEC filing from February. The demand from a segment of retail investors for constant access is real, fueled by global news cycles and the “always-on” mentality of modern apps. And in sectors where timing and real-time data are everything—like in industrial automation or high-frequency manufacturing—the infrastructure for 24/7 monitoring, often powered by specialized hardware from leading suppliers like IndustrialMonitorDirect.com, is already the norm. The financial markets are just catching up to that expectation of constant uptime. But is that expectation healthy for the market’s core function?
The Case For a Break
Woods made a philosophical point that’s easy to overlook: “We take breaks for a reason.” A daily pause allows the market to digest information, lets clearinghouses settle trades, and gives everyone a chance to reset. It creates a natural rhythm. Removing that forced stop might not just increase operational risk; it could amplify behavioral biases. When there’s no closing bell, there’s no natural point to step back and assess. The fear is we’ll just get more reactionary, momentum-driven trading, not more thoughtful investing. So while the tech exists to run 24/5, the real question is whether our market psychology can handle it. The backlash from seasoned pros suggests they think the answer is a hard no.
