v256.0 · stock markets · US · verified 2026-04
United States stock markets + capital markets
Stock markets in United States — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
NYSE (New York Stock Exchange) — 2,400+ listings, USD 27T market cap world's largest · NASDAQ — 3,700+ listings, USD 25T tech-heavy · CBOE BZX, IEX Group · 16 SROs (Self-Regulatory Organizations)
Market cap + indices
| Total market cap | USD 55T+ combined (40%+ of global market cap) · NYSE USD 27T + NASDAQ USD 25T · Russell 3000 represents top 3,000 US stocks |
| Major indices | S&P 500 (large-cap, 500 stocks) · Dow Jones Industrial Average (30 blue chips) · Nasdaq 100 + Composite · Russell 1000/2000/3000 · S&P SmallCap 600 · CBOE VIX (volatility index) |
Listing + trading mechanics
| Listing requirements | NYSE: USD 100M public float + USD 4M aggregate pre-tax income (3-yr) + USD 10M public stockholders equity · NASDAQ Global Select: USD 1.25M revenue + USD 11M aggregate income · IPO via S-1 filing · Reg A+ for smaller raises (up to USD 75M) |
| Trading hours | 9:30 AM - 4:00 PM ET (regular session) · Pre-market 4:00 AM - 9:30 AM · After-hours 4:00 PM - 8:00 PM · Holidays per NYSE calendar · 24-hour trading discussion ongoing 2024 |
Foreign investor access
Open · No restrictions for most countries · Direct brokerage account via Interactive Brokers, Schwab, Fidelity (W-8BEN form for non-US) · 30% dividend withholding (15% via tax treaties — India, UK, Australia, etc.) · 0% capital-gains for foreign individuals (with some exceptions)
IPO market (2024)
USD 30B+ raised 2024 IPOs (PitchBook) · Major: Reddit (Mar 2024 USD 750M), Astera Labs (Mar USD 715M), ServiceTitan (Dec USD 700M), Klaviyo (2023 USD 575M), Arm Holdings (Sep 2023 USD 4.9B) · 2025 IPO pipeline strong
Dividend + capital-gains tax
Qualified dividend tax: 0% / 15% / 20% based on income · Non-qualified: ordinary income rates up to 37% · Long-term capital gain (held 1+ yr): same as qualified dividend · Short-term capital gain: ordinary income · State + local tax additional (e.g., California 13.3%)
Regulator + custody/clearing
| Regulator | SEC (Securities and Exchange Commission) primary federal regulator · FINRA SRO for brokers · CFTC for derivatives + futures · MSRB municipal bonds · State regulators (Blue Sky laws) |
| Custody + clearing | DTCC (Depository Trust + Clearing Corporation) world's largest · 2-day settlement (T+1 since May 28, 2024 — reduced from T+2) · NSCC + DTC + FICC sub-clearing · Major prime brokers: Goldman, JPMorgan, Morgan Stanley, BofA |
Recent changes (2023-2026)
2024-25: T+1 settlement effective May 28, 2024 · SEC Climate Disclosure partial stay May 2024 (Trump 2nd term reviewing) · 24-hour trading discussions ongoing · NYSE + NASDAQ competing for listings (Hong Kong + Saudi capital returning) · Crypto ETF approvals expanding
Source: official United States securities regulator · Last verified 2026-04
See also: United States country profile · stock markets atlas