Research Quarterly: Equities

The U.S. equity markets are the largest in the world and continue to be among the deepest, most liquid and most efficient, representing 41.1% of the $122 trillion global equity market cap, or $50 trillion. This is 3.6x the next largest market, the EU. U.S. market share has averaged 36.3% over the last 10 years, troughing at 30.8% in 2011 and peaking at 41.1% now.

The S&P 500 index averaged 4,421.67 for the quarter and 4,027.23 YTD, 3Q21 +33.2% Y/Y (peak 4,536.95, trough 4,258.49). The DJIA averaged 34,915.61 and 32,856.76, 3Q21 +27.9% Y/Y (peak 35,625.40, trough 33,843.92). The Nasdaq averaged 14,839.97 and 13,603.95, 3Q21 +35.8% Y/Y (peak 15,374.33, trough 14,274.98). And the Russell 2000 averaged 2,230.52 and 2,231.90, 3Q21 +47.5% Y/Y (peak 2,329.36, trough 2,130.68). The VIX averaged 18.29 for the quarter and 20.56 YTD, 3Q21 -29.1% Y/Y (peak 25.71, trough 15.07).

ADVs were down Y/Y for equity and ETFs but up for options. Equity ADV was 9.8B shares for the quarter, -1.8% Y/Y (peak 16.1B, trough 8.1B). ETF ADV was 1.5B shares for the quarter, -8.0% Y/Y (peak 2.6B, trough 1.0B). Options ADV was 37.5M contracts for the quarter, +27.1% Y/Y (peak 48.3M, trough 30.8M).

For capital formation, total equity issuance was $94.9B for the quarter (+9.9% Y/Y) and the total IPO issuance was $30.1B (-4.1% Y/Y). The number of IPOs was up 20.5% Y/Y. Private equity deal value increased 49.4% Y/Y.

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

About the Report

The SIFMA Research Quarterlies contain data and statistics on U.S. markets. The equity and related report – cash equites, ETFs, listed 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

  • Katie Kolchin, CFA, Director of Research
  • Justyna Podziemska
  • Ali Mostafa