Nasdaq 100 Today
Live Nasdaq 100 index price and daily % change. Tech-focused US benchmark. FAANG, AI stocks, QQQ ETF, and gold correlation — updated every minute.
What Is the Nasdaq 100?
The Nasdaq 100 (ticker: NDX) is a stock market index composed of the 100 largest non-financial companies listed on the Nasdaq Stock Market. Launched in 1985, it is maintained by Nasdaq, Inc. and rebalanced quarterly. The "non-financial" exclusion means banks, insurance companies, and investment firms are not included — this keeps the index heavily concentrated in technology, consumer discretionary, and communication services.
The top 10 holdings typically include: Apple (AAPL), Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta Platforms (META), Alphabet (GOOGL), Tesla (TSLA), Broadcom (AVGO), Costco (COST), and Netflix (NFLX). Together, the top 10 components represent approximately 55% of the index weight — meaning moves in Apple or Nvidia alone can visibly shift the Nasdaq 100.
Nasdaq 100 vs S&P 500 — Key Differences
| Factor | Nasdaq 100 | S&P 500 |
|---|---|---|
| Components | 100 | 500 |
| Exchange scope | Nasdaq-listed only | NYSE + Nasdaq |
| Financials included? | No | Yes (~13%) |
| Tech weighting | ~55% | ~30% |
| Volatility | Higher (beta ~1.2 vs S&P) | Lower baseline |
| ETF | QQQ | SPY |
| 2022 bear market decline | −33% | −20% |
| 2020–2021 bull run | +150% | +100% |
Nasdaq 100 and Gold — The Rate Correlation
The Nasdaq 100 has a particularly interesting relationship with gold because both are sensitive to real interest rates (nominal rates minus inflation), but in opposite directions:
- Rising real rates (Fed hiking): Nasdaq falls (higher discount rate hurts long-duration growth stocks), gold often falls (rising real yields increase the opportunity cost of holding non-yielding gold). 2022 was a rare case where both fell together due to aggressive Fed tightening.
- Falling real rates (Fed cutting or QE): Nasdaq rallies (cheap money fuels growth stock valuations), gold rallies (lower real yields reduce gold's opportunity cost). 2020–2021: Nasdaq +150%, gold hit ATH above $2,000.
- AI-driven divergence: The 2023–2024 Nasdaq AI rally was partly driven by Nvidia and productivity expectations — not purely by low rates. During this period, gold also rose to new ATHs. Both can rally when USD is weakening and global liquidity is ample.
The QQQ ETF and Institutional Flows
QQQ (Invesco QQQ Trust) is the ETF benchmark for the Nasdaq 100 with over $200 billion in AUM. It is the second most traded ETF in the world by daily volume, often exceeding $15–20 billion per day. QQQ options represent some of the most liquid option contracts globally, making them a primary tool for institutional hedging.
Why this matters for forex traders: when institutional investors hedge large QQQ long positions by buying put options, the options market-makers (dealers) who sold those puts must sell S&P/Nasdaq futures to hedge their delta exposure. This mechanical selling amplifies equity moves — and by extension, amplifies risk-off flows into safe havens like gold and JPY.
Nasdaq 100 Historical Performance
| Period | Nasdaq 100 Return | Key Driver |
|---|---|---|
| Dot-com Crash (2000–2002) | −83% | Tech bubble collapse, ZIRP failed to help |
| Recovery 2003–2007 | +200% | Internet monetization, FAANG formation |
| Financial Crisis (2008–2009) | −54% | Credit crisis, risk-off deleveraging |
| Bull market 2009–2021 | +2,000%+ | ZIRP, tech dominance, FAANG earnings |
| 2022 Bear market | −33% | Fed rate hikes from 0% to 5.25% |
| AI recovery 2023–2024 | +80% | Nvidia AI GPU demand, ChatGPT era |
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