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Research Quarterly: Equity and Related

Key Takeaways for 1Q25:

  • With uncertainty the only certainty this year, markets went on a wild ride in the first quarter. The S&P 500 was down 4.6% YTD, posting an over 600-point spread between the peak and trough (quarter average 5,894.82, -0.2% Q/Q, +18.1% Y/Y). All four indexes were flat or slightly down for the quarter but remined up Y/Y, with Q/Q changes ranging from flat (Dow Jones) to -4.8% (Russell 2000).
  • As uncertainty reigned, the VIX came to life. The VIX was up 28.4% YTD, with a 13-point differential between the peak and trough (quarter average 18.52, +6.7% Q/Q, +35.1% Y/Y). On a Q/Q basis, volumes for equities, ETFs, and options set record highs: equity ADV 15.7B shares, +15.6% Q/Q and +33.4% Y/Y; ETF ADV 2.9B shares, +9.5% Q/Q and +20.5% Y/Y; and options ADV 57.5M contracts, +11.3% Q/Q, +21.1% Y/Y.
  • Total equity capital formation was $56.6B, -15.1% Q/Q and -0.6% Y/Y. Total IPOs were $8.7B, +57.4% Q/Q and +15.2% Y/Y. Almost half of IPO deal value occurred in the first month of the year, with deals diminishing by the last month. Total equity issuance surged in February, as uncertainty grew and companies moved to shore up balance sheets. Equity market cap finished the quarter at $58.7T (-5.6% Q/Q but +9.0% Y/Y) and the number of listed companies was 5,446 (+0.5% Q/Q, -3.6% Y/Y).

 

 

 

Download the full report for data, tables and the chartbook.

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About the Report

The SIFMA Research Quarterlies contain data and statistics on U.S. markets. The equity and related report – cash equites, ETFs, options and capital formation – includes information on: volumes, volatility, total equity issuance, IPOs, market shares, exchange landscapes, etc.

All reports and corresponding databases can be found at www.sifma.org/research.

Authors

SIFMA Research

  • Katie Kolchin, CFA, Managing Director, Head of Research
  • Justyna Romulus, Vice President, Senior Research Associate
  • Matthew Paluzzi, Research Associate

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