Market Metrics and Trends

Monthly Metrics

Volatility (VIX): Monthly average 16.12; -19.2% M/M, +14.5% Y/Y
S&P 500 (Price): Monthly average 5,929.92; +2.4% M/M, +33.0% Y/Y
Performance (month/year): best = cons disc/fins +13.2%/+36.0%; worst = healthcare/healthcare +0.1%/+7.8%
Equity ADV: Monthly average 14.6 billion shares; +25.2% M/M, +38.3% Y/Y
Options ADV: Monthly average 53.1 million contracts; +30.7% M/M, +15.4% Y/Y

Monthly Highlight

With the election behind us, we thought it would be interesting to revisit some of the metrics from our election note published last month. Heading into November, markets were already on an uptrend, with M/M increases of: +2.6% in September and +3.0% in October.
This momentum has continued since the election. On a M/M basis – November to October change – 2024 was not the top year, ranking fifth. However, when looking at November performance versus YTD, 2024 came out on top.
After the election, markets appeared to celebrate both the fact that we had a decisive election result and the business optimism equated with a Trump White House. In fact, the S&P 500 crossed 6,000 for the first time the Monday after election day, crossing this level two more times to close out the month.
The slope of the line for the price of the S&P 500 increased in November: November was 2.1x YTD and 1.5x October-November. The pressure appears to be off for Santa Claus to deliver his rally this year.

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Katie Kolchin, CFA
Managing Director, Head of Research
SIFMA Insights

Previous Reports

SIFMA Insights
Market Structure Week Debrief

This past November, SIFMA hosted our annual Listed Options Symposium and Equity Market Structure Conference. Across the two days, we gained insights into top-of-mind topics for market participants. Inside this note, we recap just some of what was seen and heard.
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An Analysis of US Equity Market Structure

In two reports on market structure, liquidity and off-exchange trading, we analyze top-of-mind trends and explore the unintended consequences of fragmentation.
SIFMA Insights
US Equity Capital Formation and Listing Exchanges Primer

Initial public offerings (IPOs) are an important way for businesses to grow, innovate and better serve their customers. Yet, the number of public companies has declined 46% since its peak in 1996. Why might that be? What can be done?
SIFMA Insights
US Equity Market Structure Primer

Efficient and resilient market structure is key to sustaining investor confidence and participation underpinning the equity markets.
SIFMA Insights
US Multi-Listed Options Market Structure Primer

The primer series by SIFMA Insights fosters an understanding of the marketplace to set the scene to address complex issues arising in today’s markets. Learn important technical and regulatory nuances about options, contracts to buy or sell an underlying asset or security at a specified price on or before a given date.