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Research Quarterly: Equity and Related

Key Takeaways for 2Q25:

  • The quarter began with sharp volatility in early April when Liberation Day tariffs caused stock market to drop nearly 20% from February highs. Once tariff increases were paused, markets rebounded from their April lows helped by strong corporate earnings. S&P 500 finished the quarter at 6,204.85, +10.6% Q/Q and +13.6% Y/Y and Nasdaq rebounded to 20,369.73, +17.7% Q/Q and +14.9% Y/Y.
  • As uncertainty reigned, the VIX came to life. The VIX was up 52.1% YTD, with a 36-point differential between the peak and trough (quarter average 23.56, +27.2% Q/Q, +68.5% Y/Y). On a Q/Q basis, volumes for equities and ETFs set record highs while options was just slightly down from last quarter’s high: equity ADV 18.4B shares, +17.1% Q/Q and +56.3% Y/Y; ETF ADV 3.7B shares, +26.9% Q/Q and +77.6% Y/Y; and options ADV 57.2M contracts, -0.5% Q/Q, +24.0% Y/Y.
  • Total equity capital formation was $56.5B, -4.1% Q/Q and +33.8% Y/Y. Total IPOs were $8.0B, -8.9% Q/Q and -17.5% Y/Y. Over half of IPO deal value occurred in the last month of the quarter, with deals picking up as the volatility tapered off. Equity market cap finished the quarter at $61.6T (+5.1% Q/Q and +11.6% Y/Y) and the number of listed companies was 5,411 (-0.6% Q/Q, -3.0% Y/Y).

 

 

 

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

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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

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