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 46.2% of the $111 trillion global equity market cap, or $51 trillion. This is 4.3x 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 46.2% as of 3Q22.

The S&P 500 index averaged 3,980.35 for the quarter and 4,284.76 YTD, 3Q22 -10.0% Y/Y (peak 4,305.20, trough 3,585.62). The DJIA averaged 31,774.49 and 33,683.69, 3Q22 -9.0% Y/Y (peak 34,152.01, trough 28,725.51). The Nasdaq averaged 11,891.07 and 13,097.93, 3Q22 -19.9% Y/Y (peak 13,128.05, trough 10,575.62). And the Russell 2000 averaged 1,835.30 and 1,956.34, 3Q22 -17.7% Y/Y (peak 2,021.35, trough 1,655.88). The VIX averaged 24.79 for the quarter and 26.40 YTD, 3Q22 +35.5% Y/Y (peak 32.60, trough 19.53).

ADVs were up Y/Y for equity, ETFs and options. Equity ADV was 10.9B shares for the quarter and 12.1B shares YTD, 3Q22 +11.6% Y/Y (peak 17.2B, trough 9.0B). ETF ADV was 2.3B shares for the quarter and 2.7B shares YTD, 3Q22 +52.7% Y/Y (peak 3.6B, trough 1.6B). Options ADV was 39.9M contracts for the quarter and 40.6B contracts YTD, 3Q22 +6.4% Y/Y (peak 60.8M, trough 28.3M).

For capital formation, total equity issuance was $23.8B for the quarter (-75.1% Y/Y) and $77.2B YTD (-77.7% Y/Y) and the total IPO issuance was $2.4B for the quarter (-92.1% Y/Y) and $7.1B YTD (-94.0% Y/Y). The number of IPOs was 28 in 3Q22 (-70.2% Y/Y) and 76 YTD (-75.4% Y/Y). Private equity deal value totaled $185.9B for the quarter (-47.3% Y/Y) and was $664.8B YTD (-22.2% 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
  • Dan Song