Major Market Index

Major Market Index

An index of 20 stocks in different industries. Its composition is very similar to the Dow Jones Industrial Average. The Major Market Index is considered an important benchmark, though it is not as widely known as the DJIA. Its ticker symbol is XMI and it is managed by the American Stock Exchange.

Major Market Index

An index of 20 bellwether stocks that closely tracks changes in the Dow Jones Industrial Average. Nineteen of the stocks in the Major Market Index are also included in the Dow Jones Industrial Average. The Major Market Index is used primarily by program traders who take a long or short position in the stocks included in the index and the opposite position in a futures contract on the index. The Major Market Index was developed in 1983 by the American Stock Exchange.
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Together with its SEC EDGAR filing and XBRL services, RDG supports a client base of over 1,500 public companies and is the only provider of all licensed Major Market Index data from Dow Jones, Dow Jones US Total Stock Market, NASDAQ, Russell, Sand P, AMEX, and TSX.
Stoll and Whaley (1990) used ARIMA model and ordinary least squares to estimate the lead-lag between S&P 500 index futures, Major Market Index futures and the underlying spot market.
A resource section lists print titles and gives web addresses for ETF web sites related to news and research, major ETF product providers, major market index providers, and major US stock exchanges.
For example, would a prudent investor buy a stock which is forecast to out perform a major market index by a factor of 2 if that stock's risk is 8 times that of the index?
Martin and Senchack (1989, 1991) find that the volatility of stocks included in the Major Market Index (MMI) rose after the MMI futures contract was introduced.
Swinnerton, E., Predictive Aspects of Stock Index Futures: A Study of the Major Market Index, Doctoral Dissertation, Graduate School of Management, Kent State University, 1988.
Over the past several years, there has been a vast migration of investor money -- more than $1 trillion, analysts estimate -- from funds run by stock pickers to those, such as exchange-traded funds, or ETFs, that are designed to track major market indexes. Suddenly, funds that have humans in charge of investment decisions are looking more attractive to anxious investors.
"It's such a tough game in which excess returns are getting lower and lower," Buckley said of the challenge of beating major market indexes.
All day before the equity market closed, Netflix shares were trading well below the previous day's close ($111.51), despite the major market indexes heading higher.
The Dow Jones industrial average has dropped this morning more than 700 points in early trading to reach 15,370.33, as well as the NASDAQ and other US major market indexes. Red being the color of the day, the Standard and Poor's (S& P 500), has opened this morning with 1,965.15 and drop down low to 1,867.01.
As of this writing, major market indexes are not far below record levels.
Voya PotentialPLUS a flexible premium deferred index-linked variable annuity offering customers the potential for investment growth tied to the performance of up to four major market indexes, while also providing a level of protection against a drop in those indexes.