Intercontinental Exchange, Inc., together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates regulated marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; and trading venues, including regulated exchanges and clearing houses. It also offers energy, agricultural and metals, and financial futures and options; and cash equities and equity options, and over-the-counter and other markets, as well as listings and data and connectivity services. In addition, the company provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. Further, it offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.

Intercontinental Exchange Inc.

Key Points
Caldwell Investment Management Ltd. purchased 663,810 shares of Miami International Holdings, with an estimated transaction value of $27.06 million for Q3 2025.
The position represents 17.76% of 13F reportable assets under management for Q3 2025.
Post-trade, Caldwell owns 663,810 shares of MIAX valued at $27.06 million, as of September 30, 2025.
MIAX becomes the fund’s 2nd-largest holding by value following the trade on September 30, 2025.
On October 27, 2025, Caldwell Investment Management Ltd. disclosed a new position in Miami International Holdings (NYSE:MIAX), acquiring 663,810 shares in a trade estimated at $27.06 million on September 30, 2025.
What happened
Caldwell Investment Management Ltd. initiated a new equity position in Miami International Holdings, according to its quarterly report filed with the U.S. Securities and Exchange Commission on October 27, 2025. The fund reported ownership of 663,810 shares valued at $27.06 million for Q3 2025, marking the firm's first reported stake in the exchange operator during the quarter ended September 30, 2025.
What else to know
This new position accounts for 17.76% of Caldwell’s 13F reportable assets under management for Q3 2025 and has become the fund's second-largest holding.
Top holdings after the filing:
UNK:CBOE: $29.05 million (19.07% of AUM as of September 30, 2025)
NYSE:MIAX: $27.06 million (17.76% of AUM as of September 30, 2025)
NYSE:BAC: $18.34 million (12.04% of AUM as of September 30, 2025)
NYSE:ICE: $16.79 million (11.02% of AUM as of September 30, 2025)
NYSE:AEM: $9.79 million (6.43% of AUM as of September 30, 2025)
As of closing on October 27, 2025, Miami International Holdings is priced at $44.27 per share, up by 36.01% since its initial public offering on August 14, 2025.
Company Overview
Price (as of market close 2025-10-27)
$44.27
Market Capitalization
$3.58 billion
Revenue (TTM)
$1.26 billion
Net Income (TTM)
$1.79 million
Company Snapshot
Miami International Holdings operates multiple U.S. and international markets for options, futures, and equities, including MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, BSX, and TISE. It also provides clearing services and owns Dorman Trading, a full-service futures commission merchant.
The company serves institutional clients, professional traders, introducing brokers, and retail customers seeking access to multi-asset trading and clearing solutions.
Miami International Holdings is a diversified financial markets operator with a growing presence in options, futures, and equities trading. The company employs a multi-market strategy to capture trading volumes across asset classes.
Foolish take
Caldwell Investment Management made a significant buy in Miami International Holdings. The firm established a new position of more than 600,000 shares, making MIAX its second-largest holding at nearly 18% of its portfolio.
This is a big move for the institution, both in terms of the $27 million amount and the sizable position in its portfolio. Miami International Holdings held its initial public offering (IPO) just two months ago, and investing early after an IPO can be risky, as many stocks take time to find their footing after going public.
Since its IPO, MIAX has surged by more than 36%, as of October 27, 2025. Because it's such a new stock, though, it can be tough for investors to tell how much of its price and performance are rooted in hype versus substance.
While investing in IPOs isn't necessarily a bad move for everyday investors, it's important to keep a long-term outlook and ensure your portfolio is properly diversified. Miami International Holdings could be on track to become a blockbuster investment, but with only two months of performance data to examine, investors may want to stay cautiously optimistic for now.
Glossary
13F reportable assets: Assets disclosed by institutional investment managers in quarterly SEC Form 13F filings, showing certain U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Equity position: Ownership of shares in a company, representing a stake in that company.
Exchange operator: A company that owns and manages one or more financial markets where securities, derivatives, or other assets are traded.
Futures commission merchant: A firm or individual that solicits or accepts orders to buy or sell futures contracts and accepts money or property from customers to support such orders.
Clearing services: Processes that ensure trades are settled, including transferring securities and funds between buyers and sellers.
Introducing broker: A broker who brings clients to a larger brokerage firm but does not handle the actual execution or clearing of trades.
Multi-asset trading: Trading that involves multiple types of financial instruments, such as stocks, options, and futures, within one platform or strategy.
Multi-market strategy: An approach where a company operates across several trading venues or exchanges to capture more trading activity.
Institutional clients: Organizations such as pension funds, mutual funds, or insurance companies that invest large sums of money.
Stake: The amount of ownership or interest an investor holds in a company or asset.
TTM: The 12-month period ending with the most recent quarterly report.
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Bank of America is an advertising partner of Motley Fool Money. Katie Brockman has no position in any of the stocks mentioned. The Motley Fool recommends Cboe Global Markets and Intercontinental Exchange. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Caldwell Loads Up On Miami International Holdings (MIAX) With 663,000 Shares in Q3 Buy

Intercontinental Exchange Inc. ICE is expected to register an improvement in its top and bottom lines when it reports third-quarter 2025 results on Oct. 30, before market open.
The Zacks Consensus Estimate for ICE’s third-quarter revenues is pegged at $2.4 billion, indicating 2.7% growth from the year-ago reported figure.
The consensus estimate for earnings is pegged at $1.62 per share. The Zacks Consensus Estimate for ICE’s third-quarter earnings has moved down 5.8% in the past 30 days. The estimate suggests a year-over-year increase of 4.5%.
What the Zacks Model Unveils for ICE
Our proven model does not conclusively predict an earnings beat for Intercontinental Exchange this time around. This is because the stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) for an earnings beat. This is not the case, as you can see below.
Earnings ESP: Intercontinental Exchange has an Earnings ESP of -0.72%. This is because the Most Accurate Estimate of $1.61 is pegged below the Zacks Consensus Estimate of $1.62. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Intercontinental Exchange Inc. Price and EPS Surprise
Zacks Rank: ICE carries a Zacks Rank #4 (Sell) at present.
Factors Likely to Shape Q3 Results of ICE
Continued strong trends across fixed-income data and analytics and an acceleration in growth in other data and network services businesses are likely to have aided the third-quarter performance of Intercontinental Exchange.
Improved pricing and reference data business, strength in index business growth in ICE Global Network offering, coupled with strength in consolidated feeds, desktop, and derivative analytics revenues, are likely to have favored Fixed Income and Data Services revenues. The Zacks Consensus Estimate for Fixed Income and Data Services revenues is pegged at $612 million, while our estimate is pinned at $616.9 million.
The Exchange segment is likely to have benefited from higher volumes in energy futures and options markets, financial futures and options markets, increased cash equities volume, improved data and connectivity services revenues, as well as listings revenues. The Zacks Consensus Estimate is pinned at $1.9 billion, while our estimate for the same is pegged at $2 billion.
Increased origination technology revenues, closing solutions revenues, MSP mortgage servicing system revenues, and default management revenues are expected to have aided the Mortgage Technology segment’s revenues. The Zacks Consensus Estimate for the segment’s revenues is pegged at $528 million. We expect the metric to be $491.2 million.
Expenses are likely to have increased owing to higher compensation and benefits, professional expenses, acquisition-related transaction costs, and technology and communication costs. We estimate expenses to increase 2.2% to $981.3 million.
For the third quarter of 2025, GAAP operating expenses are expected in the range of $1.45-$1.55 billion. Adjusted operating expenses are projected to be between $999 million and $1.005 billion. Non-operating expense is anticipated to be between $170 million and $175 million.
Continued share buybacks are likely to have added to the upside.
ICE reported a 0.2% increase in third-quarter average daily volume (ADV). Total Commodities ADV was down 2.2% year over year, while Energy ADV decreased 1.6% year over year. Total Financials ADV increased 3.6% in the third quarter.
Stocks to Consider
Here are some finance stocks you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat:
Allstate Corporation ALL has an Earnings ESP of +9.80% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for third-quarter 2025 earnings is pegged at $6.73 per share, indicating a year-over-year increase of 72.1%.
ALL’s earnings beat estimates in each of the last four quarters.
S&P Global SPGI has an Earnings ESP of +1.66% and carries a Zacks Rank of 3 at present. The Zacks Consensus Estimate for third-quarter 2025 earnings is pegged at $4.40 per share, implying an increase of 13.1% from the year-ago reported figure.
SPGI’s earnings beat estimates in each of the last four quarters.
Cboe Global Markets, Inc. CBOE has an Earnings ESP of +3.11% and carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for third-quarter 2025 earnings is pegged at $2.46 per share, implying an increase of 10.8% from the year-ago reported figure.
CBOE’s earnings beat estimates in three of the last four quarters while missing in one.
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What to Expect From Intercontinental Exchange This Earnings Season

CME Group Inc. CME reported third-quarter 2025 adjusted earnings per share of $2.68, which beat the Zacks Consensus Estimate by 1.9%. The bottom line remains unchanged year over year.
Quarterly results reflected declining revenues due to lower clearing and transaction fees and other, as well as lower trading volumes.
CME Group Inc. Price, Consensus and EPS Surprise
Performance in Detail
CME Group’s revenues of $1.5 billion decreased 2.9% year over year. The year-over-year decrease was primarily due to lower clearing and transaction fees and other factors. The top line matched the Zacks Consensus Estimate.
Total expenses rose 0.8% year over year to $565 million, attributable to higher compensation and benefits, technology, professional fees, and outside services. It exceeded our estimate of $505.6 million.
Operating income decreased 5% from the prior-year quarter to $972.6 million. Our estimate was $1 billion.
Average daily volume (ADV) was a record 25.3 million contracts, down 10.4% year over year. ADV decreased across Energy, Foreign exchange, Equity indexes, and Interest rates product lines. The total average rate per contract was 70.2 cents.
Financial Update
As of Sept. 30, 2025, CME Group had $3.6 billion of cash and marketable securities, down 8.5% from the 2024-end level. As of Sept. 30, 2025, long-term debt was $3.4 billion, up 27.7% from 2024-end. As of Sept. 30, 2025, CME had shareholders' equity worth $28.2 billion, up 6.4% from the end of 2024.
Capital Deployment
CME Group paid out $3.5 billion in dividends during the first nine months of 2025, taking the payout to $29.5 billion since the implementation of the variable dividend policy in early 2012.
Zacks Rank
CME Group currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Peer Release
Nasdaq, Inc. NDAQ reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses. Nasdaq’s net revenues of $1.3 billion increased 15% year over year.
Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%. Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
Upcoming Releases
Intercontinental Exchange Inc. ICE is set to report third-quarter 2025 results on Oct. 30, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.61, suggesting an increase of 3.8% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in three of the last four quarters and met in one.
Cboe Global Markets, Inc. CBOE is set to report third-quarter 2025 results on Oct. 31, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.44, suggesting an increase of 9.9% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
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CME Group Q3 Earnings Surpass Estimates, Revenues Decline Y/Y

Investors in Intercontinental Exchange, Inc. ICE need to pay close attention to the stock based on moves in the options market lately. That is because the Jan. 16, 2026 $80 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Intercontinental Exchange shares, but what is the fundamental picture for the company? Currently, Intercontinental Exchange is a Zacks Rank #4 (Sell) in the Securities and Exchanges industry that ranks in the Bottom 34% of our Zacks Industry Rank. Over the last 30 days, no analysts have increased their earnings estimates for the current quarter, while five analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.72 per share to $1.64 in that period.
Given the way analysts feel about Intercontinental Exchange right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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(We are reissuing this article to correct a mistake. The original article, issued on October 14, 2025, should no longer be relied upon.)
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is the Options Market Predicting a Spike in Intercontinental Exchange Stock? (Revised)

Nasdaq NDAQ reported third-quarter 2025 adjusted earnings per share of 88 cents, which beat the Zacks Consensus Estimate by 4.8%. The bottom line improved 18.9% year over year. The improvement was mainly driven by higher revenues across three divisions and organic growth, partially offset by higher expenses.
Shares gained 0.9% in the pre-market trading session to reflect the outperformance.
Performance in Detail
Nasdaq’s net revenues of $1.3 billion increased 15% year over year. Organic net revenue growth was 11%. The top line beat the Zacks Consensus Estimate by 1.7%.
Nasdaq, Inc. Price, Consensus and EPS Surprise
Annualized Recurring Revenue (ARR) increased 10% year over year to $3 billion. Organic growth was 9%. Annualized SaaS revenues increased 12% and represented 38% of ARR.
Capital Access Platforms' revenues, adjusted, were $546 million, up 9% year over year. The increase was primarily driven by higher revenues from all business lines. Our estimate was $531.1 million.
Financial Technology revenues, adjusted, were $457 million, up 23.2%, also driven by higher revenues from all business lines. Our estimate was $421.8 million.
Revenues at the Solutions business increased 15% year over year to $1 billion, reflecting strong growth from Index and Financial Technology.
Market Services' net revenues increased 7.4% year over year to $303 million. Our estimate was $294 million.
Adjusted operating expenses were $583 million, up 7.4% from the year-ago period or 5% growth on an organic basis. The organic increase for the quarter reflected increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies. Our estimate for operating expenses was $581.6 million.
Adjusted operating income of $732 million was up 14.9% year over year. Our estimate was $674.4 million.
The company’s operating margin of 56% expanded 200 basis points year over year.
The Nasdaq stock market welcomed 205 new company listings, including 76 initial public offerings. The number of listed companies was 4,359 at the end of the quarter.
Financial Update
Nasdaq had cash and cash equivalents of $697 million as of Sept. 30, 2025, which increased 11.9% from the end of 2024.
Long-term debt was $8.7 billion as of Sept. 30, 2025, a decrease of 4.6% from the end of 2024.
Nasdaq generated $221 million in cash flow from operations in the reported quarter.
Capital Deployment
Nasdaq returned $155 million to shareholders through dividends, repurchased $115 million of common stock, and repurchased $69 million of senior unsecured notes in the third quarter of 2025.
The board of directors approved a dividend of 27 cents per share. The dividend will be paid out on Dec. 19, 2025, to shareholders of record at the close of business on Dec. 5, 2025. As of Sept. 30, 2025, $1.4 billion remained under the board-authorized share repurchase program.
2025 Guidance
Nasdaq expects 2025 non-GAAP operating expenses to be in the range of $2,305-$2,335 million compared with $2,295-$2,325 million guided earlier.
Nasdaq forecasts the 2025 non-GAAP tax rate to be in the range of 22.5-23.5%.
Zacks Rank
NDAQ currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
CME Group CME is set to report third-quarter 2025 results on Oct. 22, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.63, suggesting a decrease of 1.9% from the year-ago quarter’s reported figure.
CME’s earnings beat estimates in each of the last four quarters.
Intercontinental Exchange ICE is set to report third-quarter 2025 results on Oct. 30, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $1.62, suggesting an increase of 4.5% from the year-ago quarter’s reported figure.
ICE’s earnings beat estimates in three of the last four quarters and met in one.
Cboe Global Markets CBOE is set to report third-quarter 2025 results on Oct. 31, before market open. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at $2.42, suggesting an increase of 9% from the year-ago quarter’s reported figure.
CBOE’s earnings beat estimates in three of the last four quarters and missed in one.
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NDAQ Q3 Earnings & Revenues Top Estimates, Expense View Tweaked

Nasdaq (NDAQ) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this exchange operator would post earnings of $0.8 per share when it actually produced earnings of $0.85, delivering a surprise of +6.25%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Nasdaq, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.32 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.75%. This compares to year-ago revenues of $1.15 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Nasdaq shares have added about 14.9% since the beginning of the year versus the S&P 500's gain of 14.5%.
What's Next for Nasdaq?
While Nasdaq has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Nasdaq was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.87 on $1.34 billion in revenues for the coming quarter and $3.36 on $5.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
IntercontinentalExchange (ICE), another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on October 30.
This owner of the New York Stock Exchange and other stock markets is expected to post quarterly earnings of $1.62 per share in its upcoming report, which represents a year-over-year change of +4.5%. The consensus EPS estimate for the quarter has been revised 4.7% lower over the last 30 days to the current level.
IntercontinentalExchange's revenues are expected to be $2.41 billion, up 2.6% from the year-ago quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq (NDAQ) Q3 Earnings and Revenues Surpass Estimates

Investors in Intercontinental Exchange, Inc. ICE need to pay close attention to the stock based on moves in the options market lately. That is because the Jan 16, 2025 $80 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?
Clearly, options traders are pricing in a big move for Intercontinental Exchange shares, but what is the fundamental picture for the company? Currently, Intercontinental Exchange is a Zacks Rank #4 (Sell) in the Securities and Exchanges industry that ranks in the Bottom 34% of our Zacks Industry Rank. Over the last 30 days, no analysts have increased their earnings estimates for the current quarter, while five analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.72 per share to $1.64 in that period.
Given the way analysts feel about Intercontinental Exchange right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
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Is the Options Market Predicting a Spike in Intercontinental Exchange Stock?

Fintel reports that on October 13, 2025, Raymond James upgraded their outlook for Intercontinental Exchange (NYSE:ICE) from Outperform to Strong Buy.
Analyst Price Forecast Suggests 31.25% Upside
As of September 30, 2025, the average one-year price target for Intercontinental Exchange is $208.37/share. The forecasts range from a low of $160.80 to a high of $238.35. The average price target represents an increase of 31.25% from its latest reported closing price of $158.75 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Intercontinental Exchange is 8,449MM, a decrease of 12.79%. The projected annual non-GAAP EPS is 6.73.
What is the Fund Sentiment?
There are 2,793 funds or institutions reporting positions in Intercontinental Exchange. This is an increase of 35 owner(s) or 1.27% in the last quarter. Average portfolio weight of all funds dedicated to ICE is 0.54%, an increase of 4.31%. Total shares owned by institutions increased in the last three months by 1.45% to 598,679K shares. The put/call ratio of ICE is 0.51, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 18,450K shares representing 3.22% ownership of the company. In its prior filing, the firm reported owning 18,159K shares , representing an increase of 1.57%. The firm decreased its portfolio allocation in ICE by 3.59% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 16,282K shares representing 2.84% ownership of the company. In its prior filing, the firm reported owning 15,965K shares , representing an increase of 1.95%. The firm decreased its portfolio allocation in ICE by 3.63% over the last quarter.
Geode Capital Management holds 12,438K shares representing 2.17% ownership of the company. In its prior filing, the firm reported owning 12,292K shares , representing an increase of 1.17%. The firm decreased its portfolio allocation in ICE by 49.16% over the last quarter.
Bank Of America holds 12,181K shares representing 2.13% ownership of the company. In its prior filing, the firm reported owning 12,245K shares , representing a decrease of 0.53%. The firm decreased its portfolio allocation in ICE by 76.16% over the last quarter.
Harris Associates L P holds 10,270K shares representing 1.79% ownership of the company. In its prior filing, the firm reported owning 11,431K shares , representing a decrease of 11.30%. The firm decreased its portfolio allocation in ICE by 9.93% over the last quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Raymond James Upgrades Intercontinental Exchange (ICE)

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up +0.58%, the Dow Jones Industrials Index ($DOWI) (DIA) closed unchanged, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.19%. December E-mini S&P futures (ESZ25) rose +0.60%, and December E-mini Nasdaq futures (NQZ25) rose +1.17%.
Most stock indexes rallied on Wednesday, with the S&P 500 and Nasdaq 100 posting fresh all-time highs. Strength in semiconductor and AI infrastructure stocks on Wednesday supported gains in the broader market. Optimism that growth in the AI sector and spending on artificial intelligence will translate into corporate profits is a major bullish factor for stocks. Stocks are also underpinned by hopes that a resilient US economy and additional Fed easing will continue to support the economy.
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US MBA mortgage applications fell -4.7% in the week ended October 3, with the purchase mortgage sub-index down -1.2% and the refinancing mortgage sub-index down -7.7%. The average 30-year fixed rate mortgage fell -3 bp to 6.43% from 6.46% in the prior week.
The minutes of the September 16-17 FOMC meeting had a hawkish tone, stating, "Most policymakers judged that it would be appropriate to ease policy further over the remainder of the year," but "a majority of participants emphasized upside risks to their outlooks for inflation."
The shutdown of the US government is now into its second week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including Tuesday's Aug US trade report and last Friday's monthly payroll report. A prolonged shutdown could also delay the government's inflation data, scheduled for release on October 15. The White House has warned that if the government shutdown lingered, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The ongoing US government shutdown, expectations of additional Fed easing, President Trump's criticism of the Fed, and political uncertainty in France and Japan are all driving investors to safe-haven assets, such as gold and Bitcoin. Gold prices soared above $4,000 an ounce to another record high on Wednesday. According to the latest data, the People's Bank of China added to its gold holdings in September for an eleventh consecutive month.
Market focus this week will be on any new developments regarding tariffs, trade, or attempts by lawmakers to end the ongoing US government shutdown. On Thursday, Fed Chair Powell will give welcoming remarks at a Fed Community Bank Conference. On Friday, the University of Michigan Oct consumer sentiment index is expected to fall -1.1 to 54.0.
Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, more than 22% of companies in the S&P 500 provided guidance for their Q3 earnings results that are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2%, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% from 6.4% in Q2.
The markets are pricing in a 93% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets on Wednesday settled mixed. The Euro Stoxx 50 closed up +0.64%. China's Shanghai Composite did not trade and is closed for the week-long Lunar New Year holiday. Japan's Nikkei Stock 225 closed down -0.45%.
Interest Rates
December 10-year T-notes (ZNZ5) on Wednesday closed down by -2 ticks. The 10-year T-note yield rose +0.4 bp to 4.127%. T-note prices gave up early gains on Wednesday and turned lower after the S&P 500 climbed to a new record high, which curbed safe-haven demand for government debt securities. Weak demand for the Treasury's $39 billion auction of 10-year T-notes also weighed on T-note prices Wednesday, as the auction had a bid-to-cover ratio of 2.48, below the 10-auction average of 2.57.
T-notes initially moved higher on Wednesday, amid concerns about the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields on Wednesday moved lower. The 10-year German bund yield dropped to a 3-week low of 2.666% and finished down -3.1 bp at 2.679%. The 10-year UK gilt yield fell by -1.0 bp to 4.709%.
German Aug industrial production fell -4.3% m/m, weaker than expectations of -1.0% m/m and the biggest decline in almost 3.5 years.
ECB Governing Council Member Muller said the Eurozone economy is slowly picking up and inflation is in line with the ECB's 2% target.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Chipmakers and AI infrastructure stocks rallied on Wednesday, providing a supportive factor for the broader market. Advanced Micro Devices (AMD) closed up more than +11% to lead gainers in the S&P 500 and Nasdaq 100. Also, Dell Technologies (DELL) closed up more than +9%, and Super Micro Computer (SMCI) and Marvell Technology (MRVL) closed up more than +6%. In addition, Micron Technology (MU) and ON Semiconductor (ON) closed up more than +5%, and ARM Holdings Plc (ARM) and Microchip Technology (MCHP) closed up more than +3%. Finally, NXP Semiconductors NV (NXPI), Applied Materials (AMAT), Broadcom (AVGO), Nvidia (NVDA), and GlobalFoundries (GFS) closed up more than +2%.
Gold mining stocks moved higher on Wednesday after the price of gold soared over $4,000 an ounce to a new record high. Anglogold Ashanti Plc (AU), Coeur Mining (CDE), and Gold Fields Ltd (GFI) closed up more than +3%, and Newmont (NEM) closed up more than +1%.
AST SpaceMobile (ASTS) closed up more than +8% after signing an agreement to provide direct-to-cellular connectivity when needed for Verizon customers starting in 2026.
Confluent (CFLT) closed up more than +7% after Reuters reported the company is exploring a sale after receiving acquisition interest.
Rocket Lab (RKLB) closed up more than +6% after signing a contract with iQPS to launch three more satellites for the Japanese company.
Datadog (DDOG) closed up more than +6% after Bernstein raised its price target on the stock to $170 from $147.
Freeport-McMoRan (FCX) closed up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $48.
Constellation Energy (CEG) closed up more than +4% after Seaport Global Securities upgraded the stock to buy from neutral with a price target of $407.
Penguin Solutions (PENG) closed down more than 15% after forecasting fiscal 2026 sales of $1.31 billion to $1.59 billion, with the midpoint below the consensus of $1.48 billion.
Fair Isaac Corp (FICO) closed down more than -9% to lead losers in the S&P 500 after rival Equifax said its VantageScore 4.0 service will offer mortgage credit scores at $4.50 through the end of 2027.
Joby Aviation (JOBY) closed down more than -7% after offering a $500 million block of shares overnight in a range of $16.85-$17.35, well below Tuesday's closing price of $18.91.
Defensive food-producing companies retreated on Wednesday as the overall market strengthened. Tyson Foods (TSN) closed down more than -3%. Also, J M Smucker (SJM) and General Mills (GIS) closed down more than -2%. In addition, Kraft Heinz (KHC), Mondelez International (MDLZ), Conagra Brands (CAG), and the Campbell Company (CPB) closed down more than -1%.
Live Nation Entertainment (LYV) closed down more than -3% after announcing it intends to offer $1.3 billion in convertible senior notes due 2031.
Intercontinental Exchange (ICE) closed down more than -1% after TD Cowen cut its price target on the stock to $199 from $212.
Edwards Lifesciences (EW) closed down more than -1% after Oppenheimer & Co. downgraded the stock to market perform from outperform.
Earnings Reports(10/9/2025)
Apogee Enterprises Inc (APOG), Applied Digital Corp (APLD), Byrna Technologies Inc (BYRN), Delta Air Lines Inc (DAL), Helen of Troy Ltd (HELE), Neogen Corp (NEOG), Oil-Dri Corp of America (ODC), Park Aerospace Corp (PKE), PepsiCo Inc (PEP).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Power Higher on AI Optimism

The S&P 500 Index ($SPX) (SPY) today is up +0.36%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.57%. December E-mini S&P futures (ESZ25) are up +0.39%, and December E-mini Nasdaq futures (NQZ25) are up +0.59%.
Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 just below Tuesday’s record highs. Strength in semiconductor and AI infrastructure stocks today is supporting gains in the broader market. Optimism that growth in the AI sector and spending on artificial intelligence will translate into corporate profits is a major bullish factor for stocks. Stocks are also underpinned by hopes that a resilient US economy and additional Fed easing will continue to support the economy. In addition, lower bond yields are bullish for stocks as the 10-year T-note yield is down -1 bp to 4.11%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
US MBA mortgage applications fell -4.7% in the week ended October 3, with the purchase mortgage sub-index down -1.2% and the refinancing mortgage sub-index down -7.7%. The average 30-year fixed rate mortgage fell -3 bp to 6.43% from 6.46% in the prior week.
The shutdown of the US government is now into its second week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including Tuesday’s Aug US trade report and last Friday’s monthly payroll report. A prolonged shutdown could also delay the government’s inflation data, scheduled for release on October 15. The White House has warned that if the government shutdown lingered, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The ongoing US government shutdown, expectations of additional Fed easing, President Trump’s assault on the Fed, and political uncertainty in France and Japan are all driving investors to haven assets, such as gold and Bitcoin. Gold prices soared above $4,000 an ounce to another record high today. According to the latest data, the People’s Bank of China added to its gold holdings in September for an eleventh consecutive month.
Market focus this week will be on any new developments regarding tariffs, trade, or attempts by lawmakers to end the ongoing US government shutdown. Later today, the minutes of the September 16-17 FOMC meeting will be released. On Thursday, Fed Chair Powell will give welcoming remarks at a Fed Community Bank Conference. On Friday, the University of Michigan Oct consumer sentiment index is expected to fall -1.1 to 54.0.
Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, more than 22% of companies in the S&P 500 provided guidance for their Q3 earnings results that are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2%, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% from 6.4% in Q2.
The markets are pricing in a 93% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets today are mixed. The Euro Stoxx 50 is up +0.53%. China’s Shanghai Composite did not trade and is closed for the week-long Lunar New Year holiday. Japan’s Nikkei Stock 225 closed down -0.45%.
Interest Rates
December 10-year T-notes (ZNZ5) today are up by +3 ticks. The 10-year T-note yield is down -1.4 bp to 4.109%. T-note prices are supported today by the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, allowing the Fed to continue cutting interest rates. Supply pressures are limiting gains in T-note prices as the Treasury will auction $39 billion of 10-year T-notes later today as part of this week’s $119 billion of T-note and T-bond auction package.
European government bond yields are moving lower today. The 10-year German bund yield dropped to a 3-week low of 2.666% and is down -3.2 bp at 2.678%. The 10-year UK gilt yield is down by -1.7 bp to 4.702%.
German Aug industrial production fell -4.3% m/m, weaker than expectations of -1.0% m/m and the biggest decline in almost 3.5 years.
ECB Governing Council Member Muller said the Eurozone economy is slowly picking up and inflation is in line with the ECB’s 2% target.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Chip makers and AI infrastructure stocks are climbing today, a supportive factor for the broader market. Dell Technologies (DELL) is up more than +7% to lead gainers in the S&P 500, and Micron Technology (MU) is up more than +5% to lead gainers in the Nasdaq 100. Also, Advanced Micro Devices (AMD) is up more than +4% and ON Semiconductor (ON) is up more than +3%. In addition, Nvidia (NVDA) and Marvell Technology (MRVL) are up more than +2%, and NXP Semiconductors NV (NXPI), Analog Devices (ADI), and Texas Instruments (TXN) are up more than +1%.
Gold mining stocks are moving higher today after the price of gold soared over $4,000 an ounce to a new record high. Anglogold Ashanti Plc (AU), Coeur Mining (CDE), and Gold Fields Ltd (GFI) are up more than +2%, and Newmont (NEM) is up more than +1%.
Confluent (CFLT) is up more than +11% after Reuters reported the company is exploring a sale after receiving acquisition interest.
AST SpaceMobile (ASTS) is up more than +8% after signing an agreement to provide direct-to-cellular connectivity when needed for Verizon customers starting in 2026.
Rocket Lab (RKLB) is up more than +7% after signing a contract with iQPS to launch three more satellites for the Japanese company.
Datadog (DDOG) is up more than +5% after Bernstein raised its price target on the stock to $170 from $147.
Freeport-McMoRan (FCX) is up more than +4% after Citigroup upgraded the stock to buy from neutral with a price target of $48.
Constellation Energy (CEG) is up more than +2% to lead gainers in the Nasdaq 100 after Seaport Global Securities upgraded the stock to buy from neutral with a price target of $407.
Penguin Solutions (PENG) is down more than -16% after forecasting fiscal 2026 sales of $1.31 billion-$1.59 billion, the midpoint below the consensus of $1.48 billion.
Joby Aviation (JOBY) is down more than -11% after offering a $500 million block of shares overnight in a range of $16.85-$17.35, well below Tuesday’s closing price of $18.91.
Fair Isaac Corp (FICO) is down more than -3% to lead losers in the S&P 500 after rival Equifax said its VantageScore 4.0 service will offer mortgage credit scores at $4.50 through the end of 2027.
Defensive food-producing companies are sliding today as the overall market strengthens. J M Smucker (SJM) is down more than -2%. Also, Tyson Foods (TSN), General Mills (GIS), Kraft Heinz (KHC), Conagra Brands (CAG), and the Campbell Company (CPB) are down more than -1%.
Intercontinental Exchange (ICE) is down more than -2% after TD Cown cut its price target on the stock to $199 from $212.
Live Nation Entertainment (LYV) is down more than -2% after announcing it intends to offer $1.3 billion in convertible senior notes due 2031.
Edwards Lifesciences (EW) is down more than -1% after Oppenheimer & Co. downgraded the stock to market perform from outperform.
Earnings Reports(10/8/2025)
Acuity Inc (AYI), Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), Novagold Resources Inc (NG), Rezolve AI PLC (RZLV), RPM International Inc (RPM).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Index	Bulls	Bears
Confidence		—
Support		—
Cash flows		—

	S/L 5%RUB 151.85	S/L 10%RUB 143.86	S/L 15%RUB 135.86
Day	0.00%	0.00%	0.00%
Week	3.08%	0.00%	0.00%
Month	29.21%	3.04%	0.08%

Intercontinental Exchange Inc.

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