Market Metrics and Trends

Monthly Metrics

Volatility (VIX): Monthly average 19.96; +12.3% M/M, +5.4% Y/Y
S&P 500 (Price): Monthly average 5,792.32; +3.0% M/M, +35.8% Y/Y
Performance (month/year): best = financials/comms +2.6%/+30.2%; worst = healthcare/energy -4.7%/+6.4%
Equity ADV: Monthly average 11.7 billion shares; -1.6% M/M, +9.6% Y/Y
Options ADV: Monthly average 47.2 million contracts; +0.9% M/M, +7.3% Y/Y

Monthly Highlight

With the 2024 US presidential election on Nov 5, S&P 500 performance in October must be considered with this event in mind. Overall, the S&P 500 has continued to climb throughout the year, +19.6% YTD.
Growth rates have come down, +3.3% from Aug-end Oct and -1.0% in Oct. This can be explained by the numbers – S&P 500 already elevated by August, 4,642.83 at the start of the year to 5,446.68 to start August, +14.8%.
The S&P 500 took a sharp turn down on the last day of October, -1.9% D/D. Excluding this day, the S&P 500 was +0.9% in October and +21.9%% YTD.
What Is Driving Markets? Is it: election day – S&P 500 positive after election day 4x since ‘92, flat 1x, negative 3x; earnings – tech 31.7% of the SPX, earnings results were the reason for the Oct 31 D/D decline; or the economy – doing well but back and forth on data points and FOMC meeting next week.

Featured Charts

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

Previous Reports

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An Analysis of US Equity Market Structure

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US Equity Capital Formation and Listing Exchanges Primer

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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.