Let’s dig into the relative performance of S&P Global (NYSE: SPGI) and its peers as we unravel the now-completed Q1 financial exchanges & data earnings season.

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 9 financial exchanges & data stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.1%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.3% since the latest earnings results.

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 $3.78 billion, up 8.2% year on year. This print exceeded analysts’ expectations by 1.8%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ Ratings segment estimates and a solid beat of analysts’ EBITDA estimates.

Interestingly, the stock is up 3.9% since reporting and currently trades at $497.39.

We think S&P Global is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q1: Moody's (NYSE: MCO)

Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE: MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.

Moody's reported revenues of $1.90 billion, up 4.5% year on year, outperforming analysts’ expectations by 2.9%. The business had a strong quarter with a solid beat of analysts’ Investor Services segment and EBITDA estimates.

Moody's achieved the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 4.4% since reporting. It currently trades at $476.90.

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

Weakest Q1: Tradeweb Markets (NASDAQ: TW)

Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.

Tradeweb Markets reported revenues of $513 million, up 26.7% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ EPS estimates and transaction volumes in line with analysts’ estimates.

As expected, the stock is down 20.2% since the results and currently trades at $110.24.

Read our full analysis of Tradeweb Markets’s results here.

Intercontinental Exchange (NYSE: ICE)

Starting as an energy trading platform in 2000 before acquiring the iconic New York Stock Exchange in 2013, Intercontinental Exchange (NYSE: ICE) operates global financial exchanges, clearing houses, and provides data services and mortgage technology solutions to financial institutions and corporations.

Intercontinental Exchange reported revenues of $2.54 billion, up 9.8% year on year. This print was in line with analysts’ expectations. More broadly, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but a slight miss of analysts’ Exchanges segment estimates.

The stock is down 9.2% since reporting and currently trades at $168.65.

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

Morningstar (NASDAQ: MORN)

Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ: MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.

Morningstar reported revenues of $605.1 million, up 5.8% year on year. This result surpassed analysts’ expectations by 1.4%. Overall, it was a strong quarter as it also put up an impressive beat of analysts’ EBITDA estimates.

The stock is down 17% since reporting and currently trades at $236.63.

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

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

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