Market Metrics and Trends

Monthly Metrics

Volatility (VIX): Monthly average 15.87; -1.6% M/M, +24.7% Y/Y
S&P 500 (Price): Monthly average 6,010.91; +1.4% M/M, +28.3% Y/Y
Performance (month/year): best = comms/comms +3.5%/+38.9%; worst = mats/mats -10.9%/-1.8%
Equity ADV: Monthly average 14.7 billion shares; +0.7% M/M, +18.7% Y/Y
Options ADV: Monthly average 50.8 million contracts; -4.4% M/M, +13.7% Y/Y

Monthly Highlight

Another year, another 20% plus return for the S&P 500. This marks the second year in a row with this type of performance: +24.2% in 2023, +23.3% in 2024. This is the fourth time in history markets have achieved this feat; markets had not seen a two-year stretch like this since the 1990s.
Then came the December roller coaster ride. The S&P 500 spent the first twelve trading days of December over the 6,000 level. Markets wobbled a bit after the CPI report on the 11th, as inflation ticked up slightly vs. the prior month.
Next, on December 18, the Fed sent markets down 3.4% from the pre Fed meeting peak, after announcing a slowing in the pace of rate cuts in 2025. This commentary disappointed markets.
Then on December 20, the PCE report came in softer than expected. Markets climbed back up over the 6,000 level, +2.9% from the post Fed meeting trough.
Unfortunately – while overall markets closed up 1.7% from election day – the S&P 500 was down 2.5% for Dec.

Featured Charts

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

Previous Reports

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Market Structure Week Debrief

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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.
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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.