There hasn’t been much excitement on the financial markets today. And considering the date, that’s nothing new.
According to the ever-reliable Stock Trader’s Almanac, the markets typically don’t do much on the Friday before the long Memorial Day weekend. Perhaps it’s because most traders have already gotten a head start on their mini-vacations.
Whatever the reason, trading tends to be light on the Friday before Memorial Day.
The Dow Jones Industrial Average has fallen seven of the last 11 years, but only by an average of 0.4%. So even if stocks do fall today, don’t expect a big move.
So far the markets are true to historical form. As of 1:30 eastern, the Dow was off 0.35%. The S&P 500 and the Nasdaq were all but unchanged.
Volume was low on all three indexes. In mid-afternoon trading, volume on the Dow was a measly 16,500. On the S&P volume was 82,400. Average volume for the Dow is typically well over 100,000 a day. The S&P usually racks up more than 600,000 traders a day.
So if you’ve already skipped to get a jump on the long weekend, not to worry. Plenty of your fellow investors had the exact same idea.