S&P 500 Futures Trading Volume Evaporates as Records Fall

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The S&P 500 may be punching through fresh records, but it hasn’t been accompanied by high turnover conviction. On the contrary, trading volumes make it feel like no one’s around, even with earnings season kicking off and a fraught presidential vote just round the corner.

In the past few trading days, volume in S&P 500 e-mini futures has consistently stayed below the medium-term average. On Monday, the volume dropped below one million contracts for the first time since July. The 5-day average volume is now about 50% less than over its 100-day time frame.