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Stock investors in the U.S. typically interface with brokers with exclusively-online platforms such as Robinhood or more traditional companies like Charles Schwab. These brokerages act as intermediaries between retail investors and major stock exchanges.
In the U.S., the two primary exchanges are the New York Stock Exchange (NYSE) and the Nasdaq. These exchanges provide a marketplace through which stock trades are possible. They have typically operated from 9:30 a.m. to 4 p.m. Eastern time on non-holiday weekdays.
If you’re a stock investor in the U.S., it is virtually guaranteed that you’ve interacted—even if only indirectly—with the NYSE and the Nasdaq. Now, a third exchange is about to enter the space.
Tip
To learn more about investing anytime, anywhere, see the rest of the 13-article series: 24/7 Trading Guide.
In 2024, the SEC approved a third national exchange: 24X, a fully electronic marketplace poised to shake up trading norms by offering 23-hour trading on weekdays. Set to launch in the second half of 2025, 24X could alter how and when American investors trade—and how the NYSE and Nasdaq respond.
Read on for a comparison between these three exchanges and insights into how 24X may impact the other two marketplaces.
Key Takeaways
- The NYSE is the oldest U.S. stock exchange and the largest exchange in the world, offering a hybrid of electronic and in-person trading.
- The Nasdaq is much newer and focuses exclusively on electronic trading; it also houses many of the largest tech companies in the world.
- A new exchange, 24X, received SEC approval in 2024 and is expected to launch in 2025 with trading hours extending 23 hours per day on workdays.
- The NYSE and the Nasdaq both have a much more limited core trading session but are expected to expand their trading hours as well.
NYSE
The NYSE has a history dating back to the founding of the U.S. Capital Markets in the 1600s and is the largest equities-based exchange in the world with a combined market cap nearing $29 trillion as of May 2025.
The NYSE’s history is inextricably linked with its iconic trading floor on Wall Street in Manhattan. Despite closing briefly during the COVID-19 pandemic in 2020, the NYSE trading floor has otherwise operated in its current location since 1903.
Today, the NYSE operates on a hybrid market model, combining traditional floor-based trading with electronic platforms. The NYSE retains other elements of its history as well—for example, the opening and closing prices are set using factors of supply and demand based on an auction-style model. Market participants in the NYSE transact trades directly with each other.
The NYSE is divided into different segments known as tapes, each of which has slightly different trading hours.
- The core trading session across the NYSE runs from 9:30 a.m. to 4:00 p.m. ET on non-holiday weekdays.
- Tape A, consisting of core NYSE-listed stocks, has a pre-opening session beginning at 6:30 a.m. in which orders can be entered and queued until the core session begins.
- Tapes B and C, consisting of stocks from the NYSE American, NYSE Arca, and other regional exchanges, has a pre-opening session also beginning at 6:30 a.m.
- An early trading session occurs from 7:00 a.m. to 9:30 a.m. until the core session begins.
Nasdaq
The Nasdaq differs from the NYSE in several important ways. While the NYSE is a hybrid model involving both a trading floor and an electronic marketplace, the Nasdaq is exclusively a global electronic marketplace.
Unlike the NYSE’s trader-to-trader model, Nasdaq relies on dealers (market makers) to facilitate trades.
The Nasdaq has a much shorter history than the NYSE, having opened in 1971 as the first electronic trading system. Though it is headquartered in New York, it operates dozens of markets in countries around the world.
Though the market capitalization of companies listed on the Nasdaq is smaller than that of those listed on the NYSE, the Nasdaq is the home of many of the world’s largest firms, particularly those in the technology space. Major tech titans including Apple (AAPL) and Microsoft (MSFT) are listed here, for example.
The trading hours for the Nasdaq are as follows:
- 9:30 a.m. to 4:00 p.m. ET on non-holiday weekdays.
- Pre-market trading hours from 4:00 a.m. to 9:30 a.m. ETa
- Ater hours from 4:00 p.m. to 8:00 p.m. ET.
Extended markets do carry increased risks such as higher volatility and lower liquidity compared to the core session.
24X
24X National Exchange, approved by the SEC in November 2024, is set to become the first fully electronic U.S. exchange to offer 23-hour trading Monday through Friday.
The exchange is expected to launch in the second half of 2025, with limited hours of 4:00 a.m. to 7:00 p.m. ET on weekdays. A second stage of the launch will be completed following an additional rule filing with the SEC and other requirements and will allow trading of U.S. equities from 8:00 p.m. ET on Sunday through 7:00 p.m. ET on Friday. This second stage will include a one-hour operational pause each trading day for software maintenance and functionality testing.
Hours of Trading and Market Sessions
When 24X launches, it is expected to offer trading hours that are already more robust than those of the NYSE and the Nasdaq. When the exchange is fully operational, it is likely to operate nearly continuously from Sunday evening through Friday evening each week, save for one hour per day for maintenance.
What This Means for Investors
Should 24X launch as intended, there are a number of considerations for investors. Skeptics may argue that investors might be more likely to trade more frequently, potentially racking up higher fees and seeing portfolios dwindle as a result.
On the other hand, advocates of extended trading hours suggest that 24X may make it possible for U.S. investors to be more involved in international markets and argue that some markets, like cryptocurrency and Forex, already have constant or near-constant trading opportunities.
Impact on NYSE and Nasdaq
In response to the news of 24X’s launch, the NYSE and the Nasdaq are likely to shift as well. Indeed, the Nasdaq expects to launch 24-hour trading and the NYSE is aiming for longer trading hours too. Some individual brokers are already offering extended trading hours.
What Is the Main Difference Between Nasdaq and NYSE?
There are several important differences between the Nasdaq and the NYSE. The Nasdaq is fully electronic, while the NYSE is a hybrid exchange including both an electronic marketplace and an in-person trading floor. The Nasdaq utilizes dealers while traders on the NYSE interact directly. The NYSE uses an auction-style model to set opening and closing prices, while the Nasdaq does not.
What Are the Hours of the NYSE and Nasdaq?
As of May 2025, the core trading session for both the NYSE and the Nasdaq lasts from 9:30 a.m. to 4:00 p.m. ET on non-holiday weekdays. The NYSE offers a pre-opening session at 6:30 a.m. and, for tapes B and C, an early trading session from 7:00 a.m. to 9:30 a.m. The Nasdaq offers pre-market trading from 4:00 a.m. to 9:30 a.m. ET as well as after hours trading from 4:00 p.m. to 8:00 p.m. ET.
Has the SEC Approved 24X?
The SEC approved the 24X National Exchange to allow trading of U.S. securities 23 hours each workday in November 2024, with the extended hour trading subject to an additional rule filing with the SEC at a later date.
The Bottom Line
The NYSE and the Nasdaq are the two primary stock exchanges in the U.S. They differ in their histories, structure, and focuses, with the NYSE using a hybrid model and the Nasdaq existing as an electronic marketplace exclusively.
A new exchange, 24X, is expected to launch in 2025 with extended trading hours to eventually include opportunities to trade 23 hours each weekday. The NYSE and the Nasdaq are expected to follow by dramatically increasing their trading hours as well, but the implications for investors are not yet fully understood.
