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 44.9% of the $109.0 trillion global equity market cap in 2023, or $49.0 trillion. This is 3.9x the next largest market, the EU. U.S. market share has averaged 39.1% over the last 10 years, troughing at 36.6% in 2015 and peaking at 44.9% in 4Q23.

The S&P 500 index averaged 4,464.91 for 4Q23, +15.9% Y/Y. The Nasdaq averaged 13,910.69 in 4Q23, +28.0% Y/Y. The DJIA averaged 34,933.05 for 4Q23, +7.5% Y/Y. And the Russell 2000 averaged 1,806.70 for 4Q23, -4.5% Y/Y. The VIX averaged 15.29 for 4Q23, -38.8% Y/Y.

ADVs were down Y/Y for equity, ETFs, and up Y/Y for options. Equity ADV was 11.2B shares for 4Q23, -0.1% Y/Y. ETF ADV was 2.2B shares for 4Q23, -13.5% Y/Y. Options ADV was 44.4M contracts for 4Q23, +4.0% Y/Y.

For capital formation, total equity issuance was $31.5B for 4Q23 (+40.6% Y/Y) and the total IPO issuance was $2.6B for 4Q23 (+78.6% Y/Y). The issuance of secondaries was $28.3B in 4Q23 (+42.0% Y/Y). The issuance of preferreds was $0.6B in 4Q23 (-41.3% Y/Y). Private equity deal value totaled $135.5B for the quarter (-22.6% 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