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THE MARKET IS MOVING. KEEP UP.

The global economy is changing faster than ever before.

Market Makers newsletter by Phil Mackintosh provides deep insights and analysis on the transformative forces shaping the global economy, delivered to your inbox every Thursday. 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.

Phil Mackintosh

Senior Vice President, Nasdaq Chief Economist

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Get the latest on the transformative forces shaping the global economy, delivered every Thursday.

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IPOs

IPO Activity Dipped in Q1, But Don’t Call It a Downturn

Given the ongoing Iran conflict and other disruptions in the first quarter, it’s no wonder IPO activity got off to a slow start in 2026. Still, since the dips in the IPO Pulses fall well short of signaling a downturn in IPO activity.

3 days ago
Phil Mackintosh, Michael Normyle

Markets

Retail Traders Retreat Amid Iran Conflict

In the past few weeks, as the conflict in Iran started, data shows retail trading has fallen significantly. Interestingly, so did the price of gold.

Apr 16, 2026
Phil Mackintosh

Digital Assets

Tokens: Everything, Everywhere, All at Once?

As the world talks more about “modernizing” financial market infrastructure, Nasdaq's new white paper estimates that 52% of institutions expect to be using tokenized collateral by the end of 2026. It seems that everything can be a token, and they can be everywhere, all at once.

Apr 9, 2026
Phil Mackintosh

Earnings Webinar
Index Webinar
AI Webinar

How Stocks Respond to Earnings News

Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.

The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:

Behavioral biases
Retail investors
Passive investors

: Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.
The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:
Behavioral biases
Retail investors
Passive investors

Webinar

How Stocks Respond to Earnings News

Join us for an educational webinar featuring Harvard Business School Professor Marco Sammon, who shares brand new data-driven research explaining how stocks respond to earnings news.
The educational webinar will cover three factors that will help make sense of price movements around earnings announcements, including:
Behavioral biases
Retail investors
Passive investors

The Index Evolution: Structure, Strategies & Liquidity

Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.

Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

: Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.
Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

Webinar

The Index Evolution: Structure, Strategies & Liquidity

Join Nasdaq Lead Economic Researcher, Nicole Torskiy, for an educational webinar on the evolving landscape and mechanics of index investing.
Featuring Min Moon, Managing Director, Head of Index and Delta One Strategy, Marco Quantitative and DerivativesStrategy at J.P. Morgan, Marco Sammon, Assistant Professor of Finance at Harvard Business School, and Salvatore Bruno, CETF, Investment Strategist for Nasdaq Global Indexes, this webinar explores the current index environment, index construction, index forecasting and rebalancing, as well as the impact on stock prices and index implementation.

How Banks Can Manage Regulatory Change - Nasdaq Financial Technology

How AI Is Changing Trading

Nasdaq Chief Economist, Phil Mackintosh, hosts the first Market Makers webinar, which showcases data-driven research on how AI is changing trading.

You'll hear from Stanford University Assistant Professor of Management Science and Engineering, Markus Pelger, on the role machine learning can play in asset pricing. You'll also learn from Nasdaq Head of AI Research and Engineering, Doug Hamilton, about how Nasdaq is leveraging AI to advance market modernization. The educational webinar will help you understand the impact and implications of AI on trading.

: Nasdaq Chief Economist, Phil Mackintosh, hosts the first Market Makers webinar, which showcases data-driven research on how AI is changing trading.
You'll hear from Stanford University Assistant Professor of Management Science and Engineering, Markus Pelger, on the role machine learning can play in asset pricing. You'll also learn from Nasdaq Head of AI Research and Engineering, Doug Hamilton, about how Nasdaq is leveraging AI to advance market modernization. The educational webinar will help you understand the impact and implications of AI on trading.

Webinar

How AI Is Changing Trading

Nasdaq Chief Economist, Phil Mackintosh, hosts the first Market Makers webinar, which showcases data-driven research on how AI is changing trading.
You'll hear from Stanford University Assistant Professor of Management Science and Engineering, Markus Pelger, on the role machine learning can play in asset pricing. You'll also learn from Nasdaq Head of AI Research and Engineering, Doug Hamilton, about how Nasdaq is leveraging AI to advance market modernization. The educational webinar will help you understand the impact and implications of AI on trading.

Videos

Phil Mackintosh on TradeTalks

Catalysts for Semiconductor Outperformance

Nasdaq’s Mark Marex, Global Head of Index Insights, Michael Normyle, US Economist, and Kevin Davitt, Head of Index Options, along with Rene Reyna, Head of Thematic & Specialty ETF Strategy at Invesco, Jill Malandrino on TradeTalks to discuss why semiconductors are cemented as the foundation of the modern digital economy.

Apr 17, 2026

Derivatives as a Window into Market Sentiment

Michael Normyle, US Economist at Nasdaq, Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, and Dr. Russell Rhoads, Clinical Associate Professor of Financial Management at the Kelley School of Business at Indiana University, join Jill Malandrino on TradeTalks to discuss why the derivatives market can be a critical barometer for future price action across asset classes.

Apr 06, 2026

Reshaping the Relationship Between Investing and Living Expenses

Dr. Christos Makridis, Senior Researcher at Gallup and Associate Professor at Arizona State University, Sam Miller, CEO of Kasheesh, Michael Normyle, US Economist at Nasdaq, and Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, join Jill Malandrino on TradeTalks to discuss why younger demographics prioritize liquidity and flexibility over traditional buy-and-hold strategies, representing a significant evolution in how financial planning intersects with day-to-day cash flow management.

Mar 27, 2026

Driving Growth and Innovation in the Nasdaq-100 Ecosystem

Paul Schroeder, CMT, Director & QQQ Product Strategist at Invesco, Nasdaq’s Global Head of Index Insights, Mark Marex, Head of Index Options Content, Kevin Davitt, and US Economist, Michael Normyle, join Jill Malandrino on TradeTalks to discuss how the Nasdaq-100 ecosystem has evolved into a $1.4 trillion global hub of investment vehicles.

Mar 23, 2026

Unlocking Value in Small- and Mid-Cap Stocks

Michael Normyle, U.S. Economist at Nasdaq, Martin Alvarez, Senior Analyst on the Nasdaq Market Intelligence Desk, Amy Zhang, EVP & Portfolio Manager at Alger, and Brian Manby, CFA, Equity Strategist at WisdomTree, join Jill Malandrino on TradeTalks to discuss why small- and mid-cap stocks occupy a unique market position and offer attractive valuations and earnings growth potential.

Mar 17, 2026

Fundamental and Historical Assessments of the Market

Phil Mackintosh, Chief Economist at Nasdaq, Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Steve Sosnick, Chief Strategist at Interactive Brokers, and Steve Wyett, Chief Market Strategist and BOK Financial, join Jill Malandrino on TradeTalks to discuss while geopolitical volatility remains a systemic risk, historical market cycles and post-midterm trends suggest that growth remains intact.

Mar 11, 2026

The Board Agenda: Navigating Macro Shifts and Global Policy

Nasdaq’s U.S. Economist, Michael Normyle, AVP and Head of the Nasdaq Market Intelligence Desk, Michael Sokoll, and VP of Government Relations, Jameel Johnson, join Jill Malandrino on TradeTalks, in partnership with The Nasdaq Board Center of Excellence, to discuss the key issues that boards are facing in an evolving landscape.

Mar 11, 2026

Taxes, the Economy and the Impact of AI Are Where Investors Are Focused

Michael Normyle, US Economist at Nasdaq, Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, and Chris Englebert, Founding Partner & CIO of Englebert Financial Advisers, join Jill Malandrino on TradeTalks to discuss how the global macro landscape is being reshaped.

Mar 03, 2026

Traditional Markers of Growth Are Being Reshaped by a Stark K-Shaped Divide

Michael Normyle, US Economist at Nasdaq, Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Justin Grooms, President of Bolt, and Kevin Mahn, President & Chief Investment Officer of Hennion & Walsh, join Jill Malandrino to discuss evolving consumer spend trends.

Feb 24, 2026

The Primary Engine of the Global Economy

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, Mark Marex, Global Head of Index Insights at Nasdaq, and Paul Schroeder, Director - Factor & QQQ Equity Product Strategist at Invesco, join Jill Malandrino on TradeTalks to discuss the intelligence supercycle.

Feb 18, 2026

Cross Currents Influencing Market Sentiment

Dr. Russell Rhoads, Associate Clinical Professor of Finance at Indiana University’s Kelley School of Business, Phil Mackintosh, Chief Economist at Nasdaq, Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, join Jill Malandrino on Nasdaq TradeTalks to discuss if the underlying economic and market fundamentals remain largely intact.

Feb 18, 2026

Developments in the Gold Market, Digitization, and How It Ties Into the Macroeconomic Environment

Brian Joyce, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, U.S. Economist at Nasdaq, Joe Cavatoni, Chief Market Strategist at the World Gold Council, join Jill Malandrino on Nasdaq TradeTalks to discuss developments in the gold market, digitization, and how it ties into the macroeconomic environment.

Jan 21, 2026

Key Themes to Watch in 2026 and Why the Market Environment Could Be a “Return to Normal”

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Chris Englebert, Founding Partner & CIO of Englebert Financial Advisers, join Jill Malandrino on Nasdaq TradeTalks to discuss key themes to watch in 2026 and why the market environment could be a “return to normal”.

Dec 16, 2025

Fed Policy and Macroeconomic Factors to Watch for 2026

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Russell Price, Chief Economist at Ameriprise Financial, join Jill Malandrino on Nasdaq TradeTalks to discuss Fed policy and macroeconomic factors to watch for 2026.

Dec 10, 2025

The Shifts in Spending for the Consumer and Enterprise

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Sanjiv Das, Co-Founder & President of Pagaya, and Justin Etkin, Co-Founder & COO of Tropic, join Jill Malandrino on Nasdaq TradeTalks to discuss the shifts in spending for the consumer and enterprise.

Dec 03, 2025

Which Parts of the Economy Are Proving Resilient?

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Sandip Bhagat, Chief Investment Officer of Whittier Trust, and Patricia Zobel, Senior Managing Director & Head of Macroeconomic Research & Market Strategy at Guggenheim, join Jill Malandrino on Nasdaq TradeTalks to discuss which parts of the economy are proving resilient, which are showing strain, and the growth outlook for 2026.

Nov 19, 2025

How Global Market Structures Are Strengthening and Expanding

Chris Dearborn, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, U.S. Economist at Nasdaq, Chris Galipeau, Senior Market Strategist at Franklin Templeton Institute, Bruce Pringle, Head of Education at Bookmap, join Jill Malandrino on Nasdaq TradeTalks to discuss broadening in stock performance and how global market structures are strengthening and expanding, offering a broader investor base access to the markets.

Oct 29, 2025

How Real Estate’s Role Is Evolving Within Private Capital Markets

Max Cabasso, Senior Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, and Austin Walker, Founder of A. Walker & Co., join Jill Malandrino on Nasdaq TradeTalks to discuss how real estate’s role is evolving within private capital markets along with housing policy, affordability, and regulation.

Oct 15, 2025

The Structural Changes Investors Are Navigating

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Michael Normyle, US Economist at Nasdaq, Mao Dong, Co-Head of Portfolio Management & Head of Portfolio Research at PGIM Multi-Asset Solutions, and Bobby Eng, Senior Vice President & Head of Platform & Institutional ETF Distribution at Franklin Templeton, join Jill Malandrino on Nasdaq TradeTalks to discuss the structural changes investors are navigating and where capital is being put to work based on fund flows.

Oct 08, 2025

How Consumers Are Shifting Their Spending Habits and Stretching Budgets Through BNPL

Max Cabasso, Managing Director on the Nasdaq Market Intelligence Desk, Phil Mackintosh, Chief Economist at Nasdaq, and Sam Miller, CEO of Kasheesh, join Jill Malandrino on Nasdaq TradeTalks to discuss how consumers are shifting their spending habits and stretching budgets through BNPL and multi-methos payments.

Oct 01, 2025

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