Moderna, Inc. (Nasdaq: MRNA) replaces Warner Bros. Discovery, Inc. (Nasdaq: WBD) in the Nasdaq-100 Index. Nasdaq scheduled the change to take effect before the market opens on Friday, October 9, 2026. Nasdaq announced the change on October 1, 2026.
The change and its timing
Moderna is the incoming constituent and Warner Bros. Discovery is the outgoing one. Nasdaq’s October 1, 2026 release describes the swap as taking effect prior to market open on Friday, October 9, 2026. Nasdaq is the source for both the companies and the date, so any report giving a different effective date or time should be checked against that release.
| Item | Detail | Source and date |
|---|---|---|
| Incoming constituent | Moderna, Inc. (Nasdaq: MRNA) | Nasdaq, October 1, 2026 |
| Outgoing constituent | Warner Bros. Discovery, Inc. (Nasdaq: WBD) | Nasdaq, October 1, 2026 |
| Effective timing | Before market open, Friday, October 9, 2026 | Nasdaq, October 1, 2026 |
| Index size and scope | 100 of the largest Nasdaq-listed non-financial companies | Nasdaq’s description of the index, 2026 |
| Tracking products | More than 200 investment products | Nasdaq’s October 2026 release, as reported by Nasdaq |
| Assets tracking the index | Over $800 billion in assets under management globally | Nasdaq’s October 2026 release, as reported by Nasdaq; not independently verified |
What the announcement confirms and what it leaves out
The release establishes three things: which company enters, which company leaves, and when. It also gives general context about the index and the products that track it.
It does not explain why Moderna was chosen over other candidates or why Warner Bros. Discovery was removed. It gives no selection score, no estimate of how much index-tracking funds must buy or sell, and no forecast for either stock. Any article that presents those items as confirmed facts is going beyond the official record. Commentary and market reaction reported elsewhere should be read as separate from the index action itself.
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Nasdaq also does not compare the two companies’ finances or business models in this announcement. A reader should not take the swap as a verdict that Moderna is the better investment or that Warner Bros. Discovery is the weaker company. The change is a membership decision under the index rules, not an assessment of either business.
What the Nasdaq-100 is
Nasdaq describes the Nasdaq-100 Index (NDX) as measuring the performance of 100 of the largest Nasdaq-listed non-financial companies. Membership is therefore limited to companies listed on Nasdaq and excludes financial companies. Because membership is a listing and size-based rule, a company can be removed from the index even if it remains a large and active business, and a company can be added without any particular news event attached to it.
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The index matters to ordinary investors mainly through the funds that follow it. Nasdaq reports that more than 200 investment products track the index, with over $800 billion in assets under management globally. Those figures come from Nasdaq’s own October 2026 release and have not been independently checked. Funds that track the index generally hold each constituent in proportion to its weight, which is why a membership change can lead those funds to adjust their holdings on the effective date. The size of any such adjustment for either stock is not stated in the announcement.
Moderna’s earlier time in the index
This is not Moderna’s first stint in the Nasdaq-100. Nasdaq announced on July 13, 2020 that Moderna would join the index before market open on July 20, 2020, replacing CoStar Group. That history shows Moderna has been a constituent before. It does not explain the 2026 selection.
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The October 2026 change is also separate from Nasdaq’s annual reconstitution. Nasdaq’s annual changes release dated December 12, 2025 listed six additions with an effective date of December 22, 2025. The October swap is a standalone constituent change, not one of those annual additions.
How to verify the change yourself
- Open Nasdaq’s October 1, 2026 announcement, titled “Moderna, Inc. to Join the Nasdaq-100 Index® Beginning October 9, 2026,” and confirm the company names, tickers, and date.
- Check that the effective time is stated as before market open on October 9, 2026, and treat any other time as an error in the secondary report.
- If you hold a Nasdaq-100 tracking fund, read that fund’s own notices for how and when it implements the change, since the timing of trades is set by each fund rather than by the index announcement.
- Separate the index facts above from any price movement or analyst commentary, which the announcement does not address.
What this means for an investor
The confirmed facts are narrow: Moderna joins the Nasdaq-100 and Warner Bros. Discovery leaves it, effective before the market opens on October 9, 2026. Whether that matters to your holdings depends on whether you own either stock directly or through a fund that tracks the index. Neither the index change nor the announcement supports a conclusion about future returns for either company.
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The Bottom Line
Moderna replaces Warner Bros. Discovery in the Nasdaq-100 before the market opens on Friday, October 9, 2026, according to Nasdaq’s October 1, 2026 announcement. The announcement confirms the swap and its timing, not the reasons behind it or its market effect.
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