Market Metrics and Trends

Market Metrics

Volatility (VIX): Monthly average 20.46; -36.0% M/M, +56.3% Y/Y
S&P 500 (Price): Monthly average 5,810.92; +8.2% M/M, +11.0% Y/Y
Performance (month/year): Best = Tech/Ind +10.8%/+8.2%; worst = HC/Cons. D, -5.7%/-6.2%
Equity ADV: Monthly average 17.6 billion shares; -9.0% M/M, +41.2% Y/Y
Options ADV: Monthly average 54.3 million contracts; -33.1%, +25.6% Y/Y

Market Musings

After suffering the year’s worst month in April, markets rallied in May, posting the 3rd best results for average & low prices (March slightly greater high). Average price in May down 2.8-3.8% to January & February averages.
Looking at the full year average price of 5,769.39, May was 0.7% above this level. This pushes the ratio of months beating the average to months underperforming to the positive side.
As markets moved past the original tariff shock, intraday price moves settled in May as well. Intraday swings in May average 62.91, 0.7x the YTD average and back to in line with the January and February average swings.
May ended the month over the 5,900 level. By reaching that level, May brought the S&P 500 back to positive return territory for the year.

Featured Charts

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

Previous Reports

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