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 39.1% of the $120 trillion global equity market cap, or $47 trillion. This is 3.5x the next largest market, EU. U.S. market share has averaged 36.4% over the last 10 years, troughing at 30.8% in 2011 and peaking at 39.6% in 2018.

The S&P 500 index averaged 4,183.63 for the quarter and 4,238.49 for June, 2Q21 +42.7% Y/Y (peak 4,297.50, trough 4,019.87). The DJIA averaged 34,121.48 and 34,289.91, 2Q21 +38.9% Y/Y (peak 34,777.76, trough 33,153.21). The Nasdaq averaged 13,848.44 and 14,097.17, 2Q21 +52.3% Y/Y (peak 14,528.33, trough 13,031.68). And the Russell 2000 averaged 2,264.02 and 2,308.04, 2Q21 +71.6% Y/Y (peak 2,343.76, trough 2,135.14). The VIX declined to an average of 18.00 for the quarter and 16.96 for June, 2Q21 -47.8% Y/Y (peak 27.59, trough 15.62).

ADVs were down Y/Y for equity and ETFs but were up for options. Equity ADV was 10.6B shares for the quarter, -14.5% Y/Y (peak 16.4B, trough 8.4BB). Options ADV was 36.4M contracts for the quarter, +29.0% Y/Y (peak 49.5M, trough 27.5M). ETF ADV was 1.52B shares for the quarter, -21.7% Y/Y (peak 2.67B, trough 1.04B).

For capital formation, total equity issuance was $103.6B for the quarter (-25.3% Y/Y) and the total IPO value was $43.1B (+154.4% Y/Y). The number of IPOs was up 202.6% Y/Y. Private equity deal value increased 60.3% 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
  • Ali Mostafa