Research Quarterly: Equity and Related

Key Takeaways for 1Q26

• In 1Q26, U.S. equities experienced a volatile and uneven performance, shaped by geopolitical tensions, shifting rate expectations, and sector rotation. The S&P 500 ended 1Q26 at 6,528.52 (-4.6% Q/Q, +16.3% Y/Y), the Nasdaq Composite fell to 21,590.63 (-7.1% Q/Q, +24.8% Y/Y), the Dow Jones Industrial Average finished at 46,341.51 (-3.6% Q/Q, +10.3% Y/Y, and the Russell 2000 increased slightly to 2,496.37 (+0.6% Q/Q, +24.1% Y/Y) as small caps led returns.
• After a less volatile 4Q25, the VIX increased to a quarterly average of 20.4% (+2.7 pps Q/Q, +1.8 pps Y/Y). Volumes for equities, ETFs, and options all posted new record highs last quarter: equity ADV 20.0B shares (+7.5% Q/Q, +27.3% Y/Y), ETF ADV 5.6B shares (+36.6% Q/Q, +92.6% Y/Y), and options ADV 68.9M contracts (+3.4% Q/Q, +17.9% Y/Y).
• Total equity capital formation was $58.8B (+14.4% Q/Q, -0.5% Y/Y). Total IPOs were $10.4B (-23.0% Q/Q, +18.2% Y/Y), the third consecutive quarter of issuance over $10B. The market cap of all US listed companies totaled $66.0T in 1Q26 (-4.3% Q/Q, +12.4% Y/Y) and the number of listed companies stood at 5,492 (+0.1% Q/Q, +0.8% 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.