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 41.6% of the $117 trillion global equity market cap, or $49 trillion. This is 3.8x the next largest market, China. U.S. market share has averaged 37.4% over the last 10 years, troughing at 32.9% in 2012 and peaking at 42.0% in 2021.

The S&P 500 index averaged 4,463.86 for the quarter and 4,391.27 for March, 1Q22 +15.5% Y/Y (peak 4,796.56, trough 4,170.70). The DJIA averaged 34,679.48 and 34,029.74, 1Q22 +9.9% Y/Y (peak 36,799.65, trough 32,632.64). The Nasdaq averaged 14,000.62 and 13,623.26, 1Q22 +4.9% Y/Y (peak 15,832.80, trough 12,581.22). And the Russell 2000 averaged 2,055.89 and 2,036.85, 1Q22 -6.5% Y/Y (peak 2,272.56, trough 1,931.29). The VIX averaged 25.37 for the quarter and 26.97 for March, 1Q22 -27.2% Y/Y (peak 36.45, trough 16.60).

ADVs were up Y/Y for ETFs and options but down for equity. Equity ADV was 12.9B shares for the quarter, -12.1% Y/Y (peak 19.2B, trough 10.1B). ETF ADV was 2.9B shares for the quarter, +47.9% Y/Y (peak 5.3B, trough 2.0B). Options ADV was 42.5M contracts for the quarter, +1.2% Y/Y (peak 63.0M, trough 33.8M).

For capital formation, total equity issuance was $28.9B for the quarter (-79.7% Y/Y) and the total IPO issuance was $2.3 (-94.5% Y/Y). The number of IPOs was down 75.8% Y/Y. Private equity deal value increased 1.3% 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