Bloomberg Intelligence finds 'sell in May' adage outdated for modern markets

2 articles · Updated · MarketWatch · Apr 29

Analyst Athanasios Psarofagis reports that from 1993 to 2025, stocks rose 25 out of 33 May-October periods, surpassing January-May gains tracked by the SPDR S&P 500 ETF.
Recent years show May-October returns averaging 6.9% since 2016, outpacing the November-April period, though summer ETF inflows soften and outflows increase. Last year, stocks rallied through summer after a weak spring.
While summer trading activity still slows, current risks like the Iran conflict and energy shocks may affect markets, but Bloomberg Intelligence argues that reflexively selling in May is no longer compelling in today’s environment.

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