Market Metrics and Trends

Market Metrics

Volatility (VIX): Monthly average 21.84; +28.1% M/M, +58.4% Y/Y
S&P 500 (Price): Monthly average 5,683.98; -5.9% M/M, +9.9% Y/Y
Performance (month/year): Best = Energy/Energy +3.7%/+9.3%; worst = Cons D/Cons D, -9.0%/-14.0%
Equity ADV: Monthly average 16.0 billion shares; +2.5% M/M, +33.1% Y/Y
Options ADV: Monthly average 57.0 million contracts; -0.9%, +23.5% Y/Y

Market Musings

As we closed out 1Q, the S&P 500 was down 4.6%. Inflation concerns, slowing GDP growth, and uncertainty over tariff policy continued to weigh on markets, with uncertainty the only certain this year.
Markets avoided ending the month in correction territory – though we did briefly enter correction territory in the middle of the month – closing down 8.7% to the mid-February peak.
The headline number may not be the full story. During the post-election bump, S&P 500 rose 3.0% to year end. March was -1.8% to pre-election level. Markets gave back gains & then some, but less than the headline figure.
Can markets have a bad start to the year and still record an annual return close to the 8.0% historical average? It looks like a coin toss, i.e. 50/50, as to posting a negative 1Q and still ending the full year in positive territory.

Featured Charts

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.
SIFMA Insights
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.