Global Tech Rally Pushes Nasdaq and Nikkei Toward Historic Year-End Milestones
New York, Sunday, 21 December 2025.
Japan’s Nikkei nears the psychological 50,000 threshold while the Nasdaq surged 1.31%, signaling robust, synchronized global momentum in the technology sector closing the week of December 19.
Volatility Management Measures
This end-of-week recovery marks a dramatic pivot from the sentiment observed just hours earlier, offering a reprieve following a period of intense instability. As we previously reported, the NASDAQ Composite recently suffered a significant intraday sell-off, plunging approximately 2.49% to test lows of 22,906 [1]. While the index has clawed back these losses to close the week on a high note, market infrastructure updates suggest that exchanges are positioning themselves for potential continued turbulence. Specifically, the Nasdaq PHLX, ISE, and GEMX exchanges have issued a regulatory alert modifying the obligations for market makers effective Monday, December 22, 2025 [2].
Structural Implications for Monday
The new directive, Options Regulatory Alert #2025-48, adjusts the quote width requirements for options overlying the Nasdaq-100 (NDX) [2]. This is a critical development for the broader market, as the Nasdaq-100 accounts for approximately 80% of the index weighting of the Nasdaq Composite [3]. Under the new parameters, which will remain in effect through March 20, 2026, market makers are permitted wider bid/ask differentials during electronic opening and intra-day quoting [2]. For instance, for electronic opening quotes where the bid is $3,200 or greater, the spread is now permitted to be up to $140 wide [2]. These relaxed spread requirements are often implemented to ensure that liquidity providers can continue to operate efficiently without breaching strict regulatory limits during periods of heightened market velocity.