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 42.5% of the $108.6 trillion global equity market cap in 2023, or $46.2 trillion. This is 3.8x the next largest market, EU. U.S. market share has averaged 38.8% over the last 10 years, troughing at 36.6% in 2015 and peaking currently at 42.5%.

The S&P 500 index averaged 4,206.07 for 2Q23, +2.4% Y/Y. The Nasdaq averaged 12,676.76 in 2Q23, +3.9% Y/Y. The DJIA averaged 33,643.04 for 2Q23, +2.9% Y/Y. And the Russell 2000 averaged 1,797.64 for 2Q23, -3.2% Y/Y. The VIX averaged 16.44 for 2Q23, -40.0% Y/Y.

ADVs were down Y/Y for equity, ETFs and up Y/Y for options. Equity ADV was 10.8B shares for 2Q23, -14.5% Y/Y. ETF ADV was 2.1B shares for 2Q23, -23.9% Y/Y. Options ADV was 43.0M contracts for 2Q23, +9.1% Y/Y.

For capital formation, total equity issuance was $40.5B for 2Q23 (+66.0% Y/Y) and the total IPO issuance was $6.8B for 2Q23 (-193.0% Y/Y). The issuance of secondaries was $31.1B in 2Q23 (+67.5% Y/Y). The issuance of preferreds was $2.6B in 2Q23 (-25.8% Y/Y). Private equity deal value totaled $191.2B for the quarter (-36.1% 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


SIFMA Research

  • Katie Kolchin, CFA, Director of Research
  • Justyna Podziemska
  • Dan Song