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Daily U.S. Market Update

March 28, 2024 at 9:15 a.m. EDT

Michael P. Reinking, CFA
Sr. Market Strategist

Good morning,

Today is a day of optimism and closure. On the one hand we have Opening Day (though it looks like a washout on the coasts) and this evening there will be four college basketball teams falling on either end of that emotional spectrum. Oh yeah, it’s also the final day of trading in the first quarter. Coming into today the S&P 500 is up 3% for the month, extending its monthly winning streak to five and looking to close out Q1 with the best start to the year since 2019 up 10%. Not surprisingly as we head into the long holiday weekend it remains pretty quiet with US futures trading on either side of unchanged.

U.S.-Listed ETP AUM percentage by asset class

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Retail participation in options market trading rose sharply during the pandemic, peaking at 48% in July 2022. While it has bounced around since then, it hit 45% in July 2023 (Chart 1). This data suggests that substantial retail options trading is here for the foreseeable future.

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NYSE: Short-dated equity options survey results

When Wednesday expirations were added to five ETFs1 in November 2023, short-dated trading has gained market share in all five of them. The industry has been discussing the reasons behind the short-dated trading phenomenon and debating whether additional expirations should be considered for single stocks.

Trends in options trading

Retail participation in options market trading rose sharply during the pandemic, peaking at 48% in July 2022. While it has bounced around since then, it hit 45% in July 2023 (Chart 1). This data suggests that substantial retail options trading is here for the foreseeable future.

U.S. equity options market models

U.S. listed equity options exchanges offer customers a wide array of market models to meet different investors’ and firms’ needs. NYSE American and NYSE Arca, now both trading on NYSE’s world class Pillar Matching engine, cover the two main market models. NYSE Arca leads price/time exchanges’ market share. NYSE American offers customers price improvement auctions with a pro-rata model.

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2023: The Year in ETPs

Part 3

2023 was an exceptional year for global equity ETPs. Until the fourth quarter, profits were limited generally to a few tech companies, but gains broadened in Q4. We review fund flows, returns and activity in multiple equity ETP categories.

Weekly strategy update

NYSE Senior Market Strategist, Michael Reinking, offers his weekly update on the market and a look to key upcoming catalysts.

Closing Auction: Immediate market impact, price drift and transaction cost of trading

The NYSE Data Science team looked at the dollar cost saving for imbalance-offsetting auction orders and the likelihood of such orders being executed at favorable auction price.

View all NYSE Research articles


NYSE Research explores market trends, analyzes exchange products and trading situations, and offers data-driven perspectives on key policy matters.

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Resources


Exchange Traded Products

Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.

Options

Through a dual options market structure, traders and brokers have choice and flexibility that comes from a mixture of electronic trading and open outcry interaction.

NYSE Pillar®

Our new integrated trading technology platform that will enable member firms to connect to all of our equities and options markets using a single specification.

ICE Vox

Get news and insights from ICE.

Exchange Traded Products

Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.

Options

Through a dual options market structure, traders and brokers have choice and flexibility that comes from a mixture of electronic trading and open outcry interaction.

NYSE Pillar®

Our new integrated trading technology platform that will enable member firms to connect to all of our equities and options markets using a single specification.

ICE Vox

Get news and insights from ICE.