Market rules · Updated 29 Oct 2026
Nasdaq and NYSE Arca are targeting December 6, 2026 to trade US stocks overnight, turning the exchange day into roughly 23 hours, five days a week. Here is what changes, what the guardrails are, and what it means in a cash account.
The new overnight session runs 9 p.m. to 4 a.m. ET, Sunday through Thursday nights, with a pause from 8 to 9 p.m.
Overnight prices are capped by static 20% bands set from the prior session, and stocks with corporate actions (including splits) are halted overnight.
Trades from 9 p.m. to midnight get the next day’s trade date. In a cash account, that changes when your money settles.
Is it actually happening on Dec 6?
That is the target. The SEC approved Nasdaq’s extended-hours proposal in April 2026, but some implementing rules, including Nasdaq’s overnight fee proposal, still needed SEC approval as of late October. Treat the date as a plan, not a promise, and watch for your broker’s notice.
Per a WilmerHale client alert (29 Sep 2026), the SEC has conditionally approved overnight trading on five exchanges: 24X, Cboe EDGX, MEMX, Nasdaq and NYSE Arca. The launch also depends on the consolidated data feeds (SIPs) being ready on December 6, and the final overnight LULD proposal was still being developed. Overnight trading isn’t new in itself: four ATSs (Blue Ocean, Bruce, IBKR Eos and MOON) already run overnight sessions, which is how some brokers offer it today. See which brokers already trade overnight.
The new hours (ET)
| Session | Nasdaq | NYSE Arca |
|---|---|---|
| Overnight | Night: 9 p.m. – 4 a.m. | Overnight: 9 p.m. – 4 a.m. |
| Morning to evening | Day: 4 a.m. – 8 p.m. | Early 4 – 9:30 a.m., Core 9:30 a.m. – 4 p.m., Late 4 – 8 p.m. |
| Pause | 8 – 9 p.m. | 8 – 9 p.m. |
The trading week opens Sunday at 9 p.m. The 9:30 a.m. opening and 4 p.m. closing auctions still set the official prices.
The guardrails
- 20% overnight price bands. Overnight trades are capped by static bands calculated from the prior session’s prices. A small cap that already ran hard during the day gets its band from that new price, so a big overnight swing is still possible inside it.
- Corporate-action halts. Stocks with a symbol or CUSIP change, a split (including a reverse split), a merger, a spin-off or similar events are halted through the overnight session until 8 a.m. ET on the effective date.
- Orders don’t carry across sessions. An order still open when the night session ends won’t roll into the morning. Re-enter it.
- Overnight prints are flagged. Overnight trades carry their own sale condition and are not last-sale eligible, so your chart may not show them the way you expect.
Who can actually trade it
Only broker-dealers that are members of Nasdaq or NYSE Arca can send orders into the overnight session. As a retail trader, you get access only if your broker is a member and turns it on. Don’t assume; check your broker’s announcement.
Brokers that already trade overnight
Some brokers already run their own overnight sessions through alternative trading systems, before the exchange session starts. What each one says on its own site (checked 30 Oct 2026):
| Broker | Overnight now? | Key limits |
|---|---|---|
| Webull | Yes, 8 p.m. to 4 a.m. ET, Sun to Thu | Limit orders, whole shares, select stocks and ETFs, no shorting or margin |
| moomoo | Yes, 8 p.m. to 4 a.m. ET | Unfilled orders cancel at session end; eligible list not on its hours page |
| Questrade | Yes, US-listed stocks and ETFs | Limit orders, OVERNIGHT duration, no OTC or fractional shares; page lists both 2 a.m. and 4 a.m. ET as the end |
| Schwab (thinkorswim) | Yes, 24 hours on market days | About 1,300 large-cap stocks and ETFs, limit orders, thinkorswim only |
| Interactive Brokers | Yes, 8 p.m. to 3:50 a.m. ET | Limit orders, 10,000+ US stocks and ETFs, orders last one session |
| TradeZero | Not listed | Support pages show 4 a.m. to 8 p.m. ET only |
Most of these lists are built around larger, liquid names, so many small caps won’t be tradable overnight even at brokers that offer it. Check the eligible list in your platform.
Who will route to the new exchange session? As of 30 Oct 2026, we couldn’t find any broker announcement saying it will send retail orders to the Dec 6 exchange session. We’ll update this table when brokers confirm.
Trade dates and settled cash
- Trades between 9 p.m. and midnight ET get the next calendar day’s trade date and settle one business day after that.
- Trades between midnight and 4 a.m. get that day’s trade date.
Example: a buy at 10 p.m. on Monday counts as a Tuesday trade and settles Wednesday. In a cash account, track that before you reuse the money, or you risk a good-faith violation. See cash accounts and settled cash.
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What to expect for small caps
Nobody knows yet how much liquidity will show up at 2 a.m. Be ready for wide spreads, little size on the book, and prices that move a lot on a few orders. If you try it:
- Use limit orders only, at a price you chose in advance.
- Start with a smaller size than you use during the day.
- Tag overnight trades separately in your journal, so you can see whether they help or hurt.
Want to tag overnight trades and compare them with your day trades? Start with the free Excel and Google Sheets trading journal.
Sources: Jones Day, “NYSE and Nasdaq Move to 23-Hour Trading Day” (Sept 2026); Skadden, “NYSE Arca and Nasdaq to Launch Extended Trading,” Harvard Law School Forum on Corporate Governance (Oct 21, 2026). Rules and dates can change; check your broker’s notice before trading. Educational content only, not financial advice.