Market Metrics and Trends

Monthly Metrics

Volatility (VIX): Monthly average 15.85; +13.7% M/M, -28.5% Y/Y
S&P 500 (Price): Monthly average 4,457.36; -1.1% M/M, +7.2% Y/Y
Performance (month/year): best = energy/comms +1.7%/+44.1%; worst = utilities/utilities -5.5%/-11.4%
Equity ADV: Monthly average 10.5 billion shares; +0.5% M/M, -0.5% Y/Y
Options ADV: Monthly average 43.5 million contracts; +1.8% M/M, +11.7% Y/Y

Monthly Highlight

Every August, Fed Chair Powell delivers a speech on the outlook for monetary policy at the Jackson Hole Economic Symposium. This note looks at the different market interpretations of Chair Powell’s tone in his annual speech and the corresponding reaction by investors over the last two years.
2022 – Bring the Pain: The next day after the speech, the S&P 500 declined 3.4%. The decline would continue, ending August down 5.8% from the day prior to the speech and -17.5% to the start of the year. For 2022, the S&P 500 declined 20.0% from start to finish, from 4,796.56 to 3,839.50.
2023 – Navigating by Stars Under Cloudy Skies: The day after the speech, the S&P 500 increased 0.7%. Markets continued to climb, closing out August +3.0% to the day prior to the speech and +17.9% to the start of the year. For 2023, the S&P 500 has had an upward trajectory, from 3,824.14 at the start of the year to 4,507.66 to end August.

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Katie Kolchin, CFA
Managing Director, Head of Research
SIFMA Insights

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.