Market Metrics and Trends

Market Metrics

Volatility (VIX): Monthly average 31.97; +46.4% M/M, +98.1% Y/Y
S&P 500 (Price): Monthly average 5,369.50; -5.5% M/M, +5.0% Y/Y
Performance (month/year): Best = Tech/Cons S +1.6%/+5.7%; worst = Energy/Cons D, -13.7%/- 14.3%
Equity ADV: Monthly average 19.3 billion shares; +20.7% M/M, +76.2% Y/Y
Options ADV: Monthly average 59.1 million contracts; +3.8%, +30.0% Y/Y

Market Musings

On April 2, President Trump declared a national emergency and introduced tariffs on imports from 90 nations, leading to a significant market sell-off. The S&P 500 fell 11.5% by April 8, dipping briefly below 5,000 that day.
The temporary pause on higher tariffs for most countries on April 9 resulted in a market rally, but the month continued to experience volatility due to ongoing tariff announcements.
Despite the ups and downs, the S&P 500 ended April down just 1.9%, spending eighteen days in correction territory. Intraday price swings averaged 162.14, driven primarily by tariff-related news, with the largest spread of 532.91 occurring on April 9.

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.