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 42.9% of the $106.0 trillion global equity market cap in 2023, or $45.5 trillion. This is 4.1x the next largest market, China. U.S. market share has averaged 38.9% over the last 10 years, troughing at 36.6% in 2015 and peaking at 42.9% in 3Q23.

The S&P 500 index averaged 4,458.14 for 3Q23, +12.0% Y/Y. The Nasdaq averaged 13,783.92 in 3Q23, +15.9% Y/Y. The DJIA averaged 34,669.48 for 3Q23, +9.1% Y/Y. And the Russell 2000 averaged 1,891.74 for 3Q23, +3.1% Y/Y. The VIX averaged 15.01 for 3Q23, -39.5% Y/Y.

ADVs were down Y/Y for equity, ETFs, and up Y/Y for options. Equity ADV was 10.4B shares for 3Q23, -4.2% Y/Y. ETF ADV was 2.0B shares for 3Q23, -13.6% Y/Y. Options ADV was 43.4M contracts for 3Q23, +8.7% Y/Y.

For capital formation, total equity issuance was $39.7B for 3Q23 (+67.4% Y/Y) and the total IPO issuance was $8.3B for 3Q23 (+246.0% Y/Y). The issuance of secondaries was $26.6B in 2Q23 (+50.8% Y/Y). The issuance of preferreds was $4.7B in 2Q23 (+29.6% Y/Y). Private equity deal value totaled $$172.7B for the quarter (-21.0% Y/Y).

SIFMA Research Quarterly: Equities 3Q23

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