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).

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
• Dan Song

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