Silence is golden: Stocks surge on low volume, no news

5/6/24 5:47PM

“No news is good news” was the market’s mantra on Monday as US stocks closed up just over 1%, capping their best three-day stretch since November.

The SPDR S&P 500 ETF Trust — which tracks the benchmark US stock index and is the world’s largest exchange-traded fund with over $505 billion in assets — saw less than $25 billion in total dollar volume traded on Monday.

That’s one of the three lowest daily totals of 2024, along with last Monday and January 23rd. Typically, high turnover days are associated with a rush to the exits or quarterly options expiries, not the onset of unbridled enthusiasm.

There did not appear to be much in the way of big market-moving catalysts or events on Monday, or on this week’s calendar as a whole, for that matter.

Analysts at Bank of America flagged that stocks tend to do better during weeks when there are no major US economic data releases.

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