Author: slightbourne@noblecapitalmarkets.com

The trading landscape is set to undergo a significant transformation with the arrival of the 24X National Exchange, a new platform aimed at providing nearly round-the-clock stock trading. Announced by Stamford, Connecticut-based 24 Exchange, the platform is scheduled to debut in the second half of 2025, pending final regulatory approvals.

Initially, the exchange will offer trading from 4:00 a.m. ET to 7:00 p.m. ET on weekdays. However, its long-term vision extends to providing trading hours from 8:00 p.m. ET on Sunday through 7:00 p.m. ET on Friday, with a one-hour daily pause. This model could bring U.S. equities trading closer to the 24/7 structure popularized by the cryptocurrency market.

The move to expand trading hours addresses a key challenge faced by traders—limited access to markets during off-peak hours in their regions. “Traders are most at-risk when the market is closed in their geographic location,” explained Dmitri Galinov, CEO and Founder of 24 Exchange. “The 24X National Exchange will seek to alleviate this problem by facilitating around-the-clock U.S. equities trading for broker-dealers and their institutional and retail customers.”

The platform plans to target a growing demand for overnight liquidity, particularly from the Asia-Pacific region, where investors often face significant time zone mismatches with U.S. market hours.

The concept of expanded trading hours has been gaining momentum. Brokerages like Robinhood Markets and Interactive Brokers already offer extended-hours trading for select securities, allowing users to trade before or after the standard U.S. market hours.

This trend is partially driven by the global nature of financial markets and the popularity of cryptocurrencies, which trade continuously across time zones. For traditional equities, 24X’s model could mark a shift toward aligning with these global dynamics, giving investors more opportunities to react to breaking news and economic data.

While the move could enhance market accessibility and liquidity, it may also present challenges. Critics of extended trading hours point to risks such as thinner volumes and heightened volatility during non-traditional hours. However, proponents argue that technology and global demand are reshaping market expectations, and platforms like 24X are well-positioned to address these needs.

As regulatory approvals progress, the launch of 24X will be closely watched by traders, institutions, and analysts alike. The exchange’s ambitious plan to modernize U.S. equities trading could not only provide greater flexibility for investors but also set the stage for a broader shift in how markets operate globally.

The 24X National Exchange is poised to be a significant step forward, reinforcing the industry’s move toward more accessible and inclusive financial markets.

The Federal Reserve’s preferred measure of inflation, the Core Personal Consumption Expenditures (PCE) index, showed little movement in October, raising concerns about whether progress toward the Fed’s 2% inflation target is stalling.

The Core PCE, which excludes volatile food and energy costs, increased 0.3% from the previous month, matching both September’s reading and Wall Street’s expectations. On an annual basis, core prices rose by 2.8%, a slight increase from 2.7% in September. Overall PCE rose 2.3% year over year, up from September’s 2.1%.

This “sideways” trend, as described by S&P Global Ratings chief economist Paul Gruenwald, adds complexity to the Fed’s plans. “Unless there’s a more convincing decline in core PCE, the Fed will likely pause before cutting rates further,” Gruenwald noted.

The data follows other mixed inflation indicators. The Consumer Price Index (CPI) showed a stable 3.3% annual gain for three consecutive months, while the Producer Price Index (PPI) saw a slight uptick, climbing from 2.8% in September to 3.1% in October.

Federal Reserve Governor Michelle Bowman expressed caution, stating, “While we’ve seen progress since 2023, the last few months indicate a stall in momentum.” She advocated for a careful approach to rate adjustments.

Despite these concerns, markets remain optimistic. The CME FedWatch tool shows a 67% probability that the Fed will cut rates at its December meeting.

The Fed’s rate decision on December 18 hinges on upcoming inflation reports. Analysts suggest November’s CPI and PPI data will play a crucial role. Oxford Economics chief economist Ryan Sweet remains confident: “The Fed will likely proceed with a rate cut despite the recent inflation plateau.”

The next few weeks will test the Fed’s resolve as it balances stalled inflation momentum against market expectations for easing monetary policy.