Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has announced that it is extending trading to 22 hours per day.
Going forward, trading on the NYSE Arca all-electronic exchange will run from 1:30 a.m. to 11:30 p.m. Eastern Time on weekdays. Currently, trading on the NYSE runs from 4 a.m. to 8 p.m. Eastern Time, including premarket and after-hours sessions. Core trading hours are between 9:30 a.m. and 4:00 p.m. on weekdays.
NYSE Arca is known as a top exchange for buying and selling exchange-traded funds (ETFs) and more than 8,000 U.S.-listed stocks. All securities will be available to trade during the new 22 hours of operation, said Intercontinental Exchange. The proposed change to trading hours is subject to regulatory approval by the U.S. Securities and Exchange Commission (SEC).
Bowing to Investor Pressure
The move to extend trading on the NYSE Arca to 22 hours per day comes as investors demand around-the-clock access to markets and securities. Interest in all-day trading has grown steadily in recent years, prompting Robinhood Markets (HOOD) to announce in May 2023 that it was enabling 24-hour trading on weekdays for its clients.
Global cryptocurrency markets trade 24 hours a day, seven days a week. Advocates say that the rise of online trading and the increasing interconnectedness of markets worldwide make around-the-clock trading a practical necessity. ICE stock has gained 30% so far in 2024.
Is ICE Stock a Buy?
The stock of Intercontinental Exchange has a consensus Strong Buy rating among 15 Wall Street analysts. That rating is based on 12 Buy and three Hold recommendations made in the last three months. There are no Sell ratings on the stock. The average ICE price target of $181.07 implies 9.34% upside from current levels.
