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Moderna, Inc. (Nasdaq: MRNA) replaces Warner Bros. Discovery, Inc. (Nasdaq: WBD) in the Nasdaq-100 Index before the market opens on Friday, October 9, 2026. Nasdaq announced the change on October 1, 2026. Moderna is the incoming company and Warner Bros. Discovery is the outgoing one.
The change and its timing
Nasdaq’s October 1, 2026 announcement states that Moderna “will become a component of the Nasdaq-100 Index® (NDX®) replacing Warner Bros. Discovery, Inc. (Nasdaq: WBD) prior to market open on Friday, October 9, 2026.” The release was issued by Nasdaq, Inc. and contains no quotation from an individual.
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- Incoming: Moderna, Inc. (Nasdaq: MRNA)
- Outgoing: Warner Bros. Discovery, Inc. (Nasdaq: WBD)
- Announced: October 1, 2026
- Takes effect: before the market opens on Friday, October 9, 2026
The effective point is the pre-market open on that date. Nasdaq’s release does not give a different time or date for the change.
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How this compares with Moderna’s 2020 entry
Moderna has been in the index before. Nasdaq announced on July 13, 2020 that Moderna would join the Nasdaq-100 before the market opened on July 20, 2020, replacing CoStar Group. The two changes are summarized below.
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| Item | 2020 change | 2026 change |
|---|---|---|
| Company added | Moderna, Inc. | Moderna, Inc. (Nasdaq: MRNA) |
| Company removed | CoStar Group | Warner Bros. Discovery, Inc. (Nasdaq: WBD) |
| Nasdaq announcement date | July 13, 2020 | October 1, 2026 |
| Effective timing | Before market open, July 20, 2020 | Before market open, October 9, 2026 |
| Stated reason in Nasdaq’s release | Not stated in the material reviewed | Not stated in the announcement |
Nasdaq’s annual reconstitution is a separate process. Its December 12, 2025 release on annual changes listed six additions with an effective date of December 22, 2025. The October 2026 swap was announced separately and is not one of those annual additions.
What the Nasdaq-100 is
Nasdaq describes the Nasdaq-100 as measuring the performance of 100 of the largest Nasdaq-listed non-financial companies. In its October 2026 release, Nasdaq also says the index is tracked by more than 200 investment products with over $800 billion in assets under management globally.
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These figures come from Nasdaq’s own release and have not been independently verified. Nasdaq does not state the date on which the asset total was measured, so treat it as an approximate industry-wide figure rather than a precise one.
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The release confirms which companies are being swapped and when. It does not explain why Moderna was selected or Warner Bros. Discovery removed, and it does not quantify the likely effect on the stocks or on index-tracking products. It also makes no price forecast and does not compare the two companies’ financials or business prospects.
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The swap should not be read as a verdict on either company. It records an index membership change, not a judgment that Moderna is a better investment or that Warner Bros. Discovery is a weaker business.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the change means for index-tracking funds
Funds that track the Nasdaq-100 generally adjust their holdings when index membership changes, so the swap will take effect in those portfolios on or around the same timing as the index. The size and timing of each product’s trades depend on its own methodology and assets, and neither Nasdaq nor the announcement quantifies them. Anyone trying to estimate the effect on a specific fund should look at that fund’s own holdings disclosures and methodology.
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Stock movements around index changes are not established by this announcement, and any price reaction should be assessed against independent market data rather than inferred from the swap itself.
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