US Stock Market: Exchange operators brace for earnings amid trading boom, regulatory overhang

US exchange operators Nasdaq, CME Group, ICE, and Cboe are set to report quarterly earnings amid elevated trading volumes driven by US-Iran tensions, rate uncertainty, and AI-linked stock volatility. However, a recent CFTC decision allowing Kalshi and Coinbase to offer perpetual cryptocurrency futures has raised regulatory concerns, with shares of Nasdaq, CME, and ICE declining between 5.4 percent and 12.6 percent year-to-date. CME is expected to post a slight decline in revenue and profit, while Nasdaq may deliver record results supported by IPO resurgence and data services.