Reflecting On Financial Exchanges & Data Stocks’ Q1 Earnings: Nasdaq (NASDAQ:NDAQ)

Morningstar pulled off the biggest analyst estimates beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 2.7% since reporting. It currently trades at $182.50.

Is now the time to buy Morningstar? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: CME Group (NASDAQ:CME)

Born from the Chicago Mercantile Exchange founded in 1898 as a butter and egg trading venue, CME Group (NASDAQ:CME) operates the world’s largest derivatives marketplace where traders can buy and sell futures and options contracts across interest rates, equities, currencies, commodities, and more.

CME Group reported revenues of $1.88 billion, up 14.5% year on year, falling short of analysts’ expectations by 1.3%. It was a slower quarter as it posted a miss of analysts’ EBITDA and revenue estimates.

CME Group delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 2.2% since the results and currently trades at $290.60.

Read our full analysis of CME Group’s results here.

S&P Global (NYSE:SPGI)

Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE:SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions.

S&P Global reported revenues of $4.17 billion, up 10.4% year on year. This result topped analysts’ expectations by 2.4%. Aside from that, it was a satisfactory quarter as it also produced a solid beat of analysts’ EBITDA estimates but full-year EPS guidance meeting analysts’ expectations.

The stock is down 4.4% since reporting and currently trades at $417.78.

Read our full, actionable report on S&P Global here, it’s free.

FactSet (NYSE:FDS)

Founded in 1978 when financial data was still primarily delivered through paper reports, FactSet (NYSE:FDS) provides financial data, analytics, and technology solutions that investment professionals use to research, analyze, and manage their portfolios.

FactSet reported revenues of $611 million, up 7.1% year on year. This number beat analysts’ expectations by 1.1%. Zooming out, it was a mixed quarter as it also recorded a narrow beat of analysts’ revenue estimates but full-year EPS guidance slightly missing analysts’ expectations.

FactSet had the slowest revenue growth among its peers. The stock is up 11% since reporting and currently trades at $227.08.

Read our full, actionable report on FactSet here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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