Research Charts Everviz Testing

[Everviz Demo – US Capital Formation w/totals Script Embed Code]

[Everviz – US Capital Formation w/totals iFrame Code – Colors match]

Monthly Metrics

Volatility (VIX): Monthly average 15.24; -3.9% M/M, -44.4% Y/Y
S&P 500 (Price): Monthly average 4,409.10; -1.1% M/M, +14.5% Y/Y
Performance (month/year): best = energy/communications +0.4%/+39.4%; worst = real estate/utilities -7.8%/-16.5%
Equity ADV: Monthly average 10.3 billion shares; -1.8% M/M, -9.3% Y/Y
Options ADV: Monthly average 41.4 million contracts; -4.7% M/M, -3.1% Y/Y

Monthly Highlight

Inflation, rising rates, recession, regional bank turmoil, debt ceiling debate, and a U.S. sovereign debt downgrade by a ratings agency, yet markets remain in positive territory.
Seven stocks are driving this performance, representing 26.1% of total SPX market cap on average for the year (through September), or 28.5% on average for September. Top 7 stocks +31.7% to +97.7% YTD vs, SPX +11.7%.
However, performance trends have worsened as we moved through the year. Top 7 stocks: 1H23 +35.7% to +189.5%, 3Q23 -11.0% to +9.1%, and September -10.3% to +2.1%.
The equal weighted index, the SPW is flat for the year, +0.3%: 1H23 +6.0%, 3Q23 -5.7%, & September -5.6%.
An increasingly important factor is the rise in long rates: UST 10-year at 4.688, +188.0% since 2022, +18.4% since July. With this increase, the SPX declined more sharply in August/September.

Previous Reports

SIFMA Insights
Market Structure Week Debrief

Recently, 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.