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 40.9% of the $108 trillion global equity market cap, or $44 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 4,105.67 for the quarter and 4,284.76 YTD, 2Q22 -1.9% Y/Y (peak 4,582.64, trough 3,666.77). The DJIA averaged 32,687.90 and 33,683.69, 2Q22 -4.2% Y/Y (peak 33,683.69, trough 29,888.78). The Nasdaq averaged 12,195.24 and 13,097.93, 2Q22 -11.9% Y/Y (peak 14,532.55, trough 10,646.10). And the Russell 2000 averaged 1,856.78 and 1,956.34, 2Q22 -18.0% Y/Y (peak 2,095.44, trough 1,649.84). The VIX averaged 20.56 for the quarter and 21.77 for June, 2Q22 +52.2% Y/Y (peak 34.75, trough 18.57).

ADVs were up Y/Y for equity, ETFs and options. Equity ADV was 12.6B shares for the quarter and 12.7B shares YTD, 2Q22 +19.2% Y/Y (peak 18.1B, trough 7.4B). ETF ADV was 2.77B shares for the quarter and 2.82B shares YTD, 2Q22 +82.7% Y/Y (peak 4.2B, trough 1.9B). Options ADV was 39.4M contracts for the quarter and 40.9B contracts YTD, 2Q22 +8.1% Y/Y (peak 52.5M, trough 30.4M).

For capital formation, total equity issuance was $23.6B for the quarter (-78.2% Y/Y) and $52.6B YTD (-79.0% Y/Y) and the total IPO issuance was $2.3B for the quarter (-94.7% Y/Y) and $4.7B YTD (-94.6% Y/Y). The number of IPOs was 24 in 2Q22 (-79.1% Y/Y) and 48 YTD (-77.7% Y/Y). Private equity deal value decreased to $157.0B for the quarter (-41.8% Y/Y) and was $410.6B YTD (-17.3% 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
  • Daniel Hadley