Indices

What Is the Nasdaq 100 (NAS100 / US100)? How the Index Works

By the JustCharts team · Updated October 28, 2026 · 4 min read

What is in the Nasdaq 100?

The index includes the largest companies listed on Nasdaq, including non-US companies, but excludes financial companies such as banks. Technology, communication services and consumer companies make up most of its weight, and a handful of giant companies account for a large share.

The weighting is “modified”: rules cap the influence of the very largest companies so no single stock or small group dominates beyond set limits.

Nasdaq 100 vs Nasdaq Composite

The Nasdaq Composite includes almost all stocks listed on Nasdaq — several thousand — while the Nasdaq 100 holds only the 100 largest non-financial ones. When traders say “Nasdaq” in futures or CFD trading, they almost always mean the Nasdaq 100.

Why it is more volatile

Technology and growth companies are especially sensitive to interest rates, because much of their value depends on profits expected far in the future. Rate surprises from CPI or the Fed therefore move the Nasdaq 100 more than the S&P 500.

Trading hours

• Cash market: 9:30 a.m.–4:00 p.m. New York time.
• Futures and NAS100 CFDs: nearly 24 hours, Sunday evening to Friday afternoon New York time, with a daily break around 5:00–6:00 p.m.

Earnings from its largest companies, released after the close, often cause big overnight moves in futures.

This article is for education only and is not financial advice. Trading leveraged products carries a high risk of losing money. Contract sizes, trading hours and leverage limits vary by broker and country — always check your own broker’s specifications.