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Sell Day and Go Away? U.S. Stock Returns Come Overnight

Mornings have been lacking in joy this month for investors seeking returns in U.S. stocks. So far in September, regular-hours trading has featured consistent selling, according to data from Bespoke Investment Group. On average, losses on the benchmark S&P 500 index have been steepest between 10 a.m. and 11 a.m. Eastern (1400-1500 GMT), and every hour thereafter during the session has registered declines.

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Overall, the S&P 500 has registered losses for four straight weeks, its longest such streak in a year. “Besides some ever so modest gains in the opening half-hour, the rest of the day consists of investors hitting bids and unloading stocks,” Bespoke’s strategists wrote in a note on Friday.

September’s activity returned U.S. stocks closer to their long-term trend of outperforming in after-hours trading versus regular-session trading, in contrast with most of 2020, when they outperformed during the regular session. Since the SPDR S&P 500 ETF Trust, which tracks the S&P 500, launched in 1993, it has posted a 722% return in after-hours trading but an 8.5% loss in trading during the regular session, according to Bespoke.

Source: FXPro


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