For the quarter: Total equity capital formation was $65.2B (+14.0% Q/Q, +107.9% Y/Y), the highest quarterly total since 4Q21. IPO deal value was $5.5B, -35.5% Q/Q but +113.6% Y/Y; it remains well below the three-year pre-COVID quarterly average of $11.5B, -52.0%. Markets continued to climb – all four indexes were up for the quarter – with the S&P 500 index averaging 5,907.04, +6.6% Q/Q and +32.3% Y/Y. The VIX averaged 17.36, +1.7% Q/Q and +13.5% Y/Y. ADV was up for the quarter and the
year for all markets (quarterly averages): equities 13.6B shares, +18.1% Q/Q and +21.6% Y/Y; ETFs 2.7B shares, +14.0% Q/Q and +12.5% Y/Y; options 51.6M contracts (+6.0% Q/Q and +16.3% Y/Y), the highest quarterly volume on record.

For the year: Total equity capital formation was $221.4B (+59.3% Y/Y). Equity market cap ended the year at $61.8T (+26.1% Y/Y) and the number of listed companies was 5,455 (-4.4% Y/Y). IPO deal value was $31.3B (+55.8% Y/Y). The S&P 500 returned 23.3%, marking the first time markets had two years with 20%+ returns since the 1990s. All four indexes were up for the year, with the S&P 500 averaging 5,428.24, +26.7% Y/Y. Despite a few periods of elevation, the VIX was down for the year, averaging 15.55 (-7.7% Y/Y). ADV was up for the year for all markets (annual averages): equities 12.2B shares, +10.2% Y/Y; ETFs 2.4B shares, +5.8% Y/Y; options 48.5M contracts,+7.5% Y/Y.

 

 

 

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

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

Related Reports

• Data & Statistics

  US Equity Issuance and Trading Volumes

• Report

  Research Quarterly: Fixed Income - Issuance and Trading

• SIFMA Insights

  Equity Market Structure Primer Series

Historical Reports

• PDF

  Research Quarterly: Equities, 3Q 2024

  Download Research Quarterly: Equities, 3Q 2024
• PDF

  Research Quarterly: Equities, 2Q 2024

  Download Research Quarterly: Equities, 2Q 2024
• PDF

  Research Quarterly: Equities, 1Q 2024

  Download Research Quarterly: Equities, 1Q 2024
• PDF

  Research Quarterly: Equities, 4Q 2023

  Download Research Quarterly: Equities, 4Q 2023
• PDF

  Research Quarterly: Equities, 3Q 2023

  Download Research Quarterly: Equities, 3Q 2023