Key Takeaways for 3Q25:

• All major equity benchmarks hit new record highs during the quarter with quarterly increases ranging from 8.6% to 17.1%. S&P 500 averaged 6,427.74 during the quarter, +12.1% Q/Q and +16.0% Y/Y, Nasdaq rebounded to 21,441.93, +17.1% Q/Q and +21.8% Y/Y, Dow Jones averaged 45,048.85, +8.6% Q/Q and +11.0% Y/Y, and the Russel 2000 averaged 2,310.60 in 3Q25, +14.0% Q/Q and +7.2% Y/Y.
• After a volatile 2Q25, the VIX decreased to a quarter average of 15.98, -32.2% Q/Q and -6.4% Y/Y. Volumes for equities and ETFs tapered off from record highs last quarter while options volumes set a new quarterly high: equity ADV 17.6B shares, -4.4% Q/Q and +52.8% Y/Y; ETF ADV 3.4B shares, -9.0% Q/Q and +44.2% Y/Y; and options ADV 60.8M contracts, +6.3% Q/Q, +24.8% Y/Y.
• Total equity capital formation was $63.2B, +11.2% Q/Q and +10.4% Y/Y. Total IPOs were $16.4B, +104.1% Q/Q and +92.0% Y/Y and the largest quarterly issuance since 1Q22. Equity market cap finished the quarter at $67.7T (+7.9% Q/Q and +15.9% Y/Y) and the number of listed companies was 5,492 (+1.4% Q/Q, -0.1% Y/Y).

 

 

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About the Report

The SIFMA Research Quarterlies contain data and statistics on U.S. markets. The equity and related report – cash equites, ETFs, 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

• Justyna Romulus, Vice President, Senior Research Associate
• Matthew Paluzzi, Research Associate

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