Nasdaq Falls 0.84% Despite 63.58% Volume Spike to $340M (Rank 320) as S&P Upgrades Credit Rating to BBB+

On August 12, 2025, Nasdaq (NDAQ) closed down 0.84% despite a 63.58% surge in trading volume to $340 million, ranking 320th in market activity. The decline followed a ratings upgrade from S&P Global Ratings, which raised Nasdaq’s credit profile to ’BBB+’ from ’BBB’ citing improved leverage metrics. The agency highlighted a 23% year-over-year EBITDA increase driven by record U.S. cash equities volumes and robust cash generation post the 2023 Adenza acquisition. Nasdaq’s adjusted debt-to-EBITDA ratio stood at 3.1x as of June 30, with liquidity bolstered by a $1.25 billion credit facility maturing in 2027. The stable outlook reflects confidence in maintaining EBITDA margins and debt ratios below 3.5x through 2026 without major acquisitions.

Market dynamics showed increased volatility amid broader economic signals. U.S. stocks advanced following benign July inflation data, while defense and tech sectors attracted attention through analyst upgrades. However, Nasdaq’s performance remained under pressure as trading volumes, though elevated, did not translate to price strength. The exchange’s financial technology revenue from the Adenza integration now accounts for 35% of non-transactional revenue, reinforcing its position in data and analytics. S&P noted Nasdaq’s strategic alignment with growth opportunities in cash equities and options trading across core markets.

A backtested strategy of purchasing the top 500 volume-driven stocks and holding for one day yielded $2,300 in profit from 2022 to the present. The approach experienced a maximum drawdown of -15.7% in early 2023, underscoring market risks despite moderate returns. Performance highlights the inherent volatility of volume-based trading strategies amid shifting macroeconomic conditions.