Nasdaq, Inc. (NDAQ) traded down about 3% in Wednesday’s session (April 22, 2026), a day before the company is scheduled to report Q1 2026 results on April 23, 2026. The decline appears driven by pre-earnings positioning and risk reduction rather than a single new corporate headline.

With the earnings release imminent, the market is recalibrating expectations for revenue tied to market activity (equities, options, and listings) while also watching the steadier, higher-multiple segments such as Solutions and Financial Technology. The setup can amplify moves as traders reduce exposure, tighten risk, and re-price the stock into the print.

Separately, a recent disclosure showed Nasdaq’s Chair and CEO Adena Friedman sold 113,611 shares on April 1, 2026 at a weighted average price of $85.44 (roughly in line with where the stock is trading today). While insider sales can be routine, the timing and proximity to earnings can add to short-term caution and contribute to weakness when the stock is already being de-risked.