Market Metrics and Trends

Market Metrics

Volatility (VIX): Monthly average 18.21; -11.0% M/M, +43.7% Y/Y
S&P 500 (Price): Monthly average 6,029.95; +3.8% M/M, +11.4% Y/Y
Performance (month/year): Best = Tech/Ind +9.7%/+12.0%; worst = Cons S/Cons D, -2.2%/-4.2%
Equity ADV: Monthly average 18.2 billion shares; +3.7% M/M, +53.6% Y/Y
Options ADV: Monthly average 53.8 million contracts; -1.0%, +15.4% Y/Y

Market Musings

Markets continue to show resilience after the April decline, posting a record S&P 500 level of 6,204.95 at the end of the month, +5.5% YTD.
Volatility was muted, with the VIX peaking at only 21.60 against April’s 52.33, -43.0% vs. April and -2.2% to pre-April. Volumes were a mixed bag: equity ADV -5.6% to April/+16.3% pre; options -9.0% to April/-5.3% pre.
Trade policy concerns continue to weigh on the USD, with the DXY (dollar index) -2.5% in June and 10.7% YTD. USD/EUR (reverse spot) -3.7% in June and -12.2% YTD.
Price level indicators show stability amidst inflationary worries: CPI and Core CPI both show declines from February to April and only a slight uptick from April to May.

Featured Charts

Katie Kolchin, CFA
Managing Director, Head of Research
SIFMA Insights

Previous Reports

SIFMA Insights
Market Structure Week Debrief

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An Analysis of US Equity Market Structure

In two reports on market structure, liquidity and off-exchange trading, we analyze top-of-mind trends and explore the unintended consequences of fragmentation.
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US Equity Capital Formation and Listing Exchanges Primer

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US Equity Market Structure Primer

Efficient and resilient market structure is key to sustaining investor confidence and participation underpinning the equity markets.
SIFMA Insights
US Multi-Listed Options Market Structure Primer

The primer series by SIFMA Insights fosters an understanding of the marketplace to set the scene to address complex issues arising in today’s markets. Learn important technical and regulatory nuances about options, contracts to buy or sell an underlying asset or security at a specified price on or before a given date.