May Day Market Returns

With most European markets closed due to the May Day holiday, this morning is one of those days where there is no international bias affecting US equities.  With that in mind we looked at the performance of the S&P 500 ETF (SPY) on prior May Days since 1995 (Unlike many US holidays, when May 1st falls on a weekend, most European indices do not observe May Day on an alternate day).  As shown, overall returns are typically positive.  The average opening gap is a gain of 0.17% with only two negative opens.  From the open to close, the ETF has averaged a gain of 0.44%, with positive returns in seven out of eleven years.

 

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