Research Quarterly: Equity and Related

Key Takeaways for 3Q25:

• All major equity benchmarks hit new record highs during the quarter with quarterly increases ranging from 8.6% to 17.1%. S&P 500 averaged 6,427.74 during the quarter, +12.1% Q/Q and +16.0% Y/Y, Nasdaq rebounded to 21,441.93, +17.1% Q/Q and +21.8% Y/Y, Dow Jones averaged 45,048.85, +8.6% Q/Q and +11.0% Y/Y, and the Russel 2000 averaged 2,310.60 in 3Q25, +14.0% Q/Q and +7.2% Y/Y.
• After a volatile 2Q25, the VIX decreased to a quarter average of 15.98, -32.2% Q/Q and -6.4% Y/Y. Volumes for equities and ETFs tapered off from record highs last quarter while options volumes set a new quarterly high: equity ADV 17.6B shares, -4.4% Q/Q and +52.8% Y/Y; ETF ADV 3.4B shares, -9.0% Q/Q and +44.2% Y/Y; and options ADV 60.8M contracts, +6.3% Q/Q, +24.8% Y/Y.
• Total equity capital formation was $63.2B, +11.2% Q/Q and +10.4% Y/Y. Total IPOs were $16.4B, +104.1% Q/Q and +92.0% Y/Y and the largest quarterly issuance since 1Q22. Equity market cap finished the quarter at $67.7T (+7.9% Q/Q and +15.9% Y/Y) and the number of listed companies was 5,492 (+1.4% Q/Q, -0.1% Y/Y).

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

Download Report

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

• Justyna Romulus, Vice President, Senior Research Associate
• Matthew Paluzzi, Research Associate