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What usually happens in October

The most consistent October strength has come from Bitcoin (+16.63%, up 75% of years), Alphabet (+8.69%, up 73% of years), ASML (+7.52%, up 68% of years), Natural gas (Henry Hub) (+7.37%, up 65% of years). The most consistent weakness: Lean hogs (-5.56%, up 28% of years), Cocoa (-2.80%, up 35% of years).

For the S&P 500, October has averaged +0.55% with gains in 59% of years, and an average absolute move of 4.28%.

Stronger in October

Weaker in October

Every market in October

US indices

MarketAverageMedianUp yearsYearsPattern
Dow Jones Industrial Average+1.75%+2.27%65%34moderate
Nasdaq Composite+0.77%+2.16%55%55no clear pattern
S&P 500+0.55%+1.03%59%98no clear pattern
Russell 2000-0.54%+1.76%56%39no clear pattern

European indices

MarketAverageMedianUp yearsYearsPattern
DAX+1.99%+2.41%68%38strong
IBEX 35+1.76%+2.27%67%33strong
CAC 40+1.75%+1.99%72%36strong
FTSE MIB+1.56%+2.88%71%28moderate
Swiss Market Index+1.26%+1.40%69%35strong
Euro Stoxx 50+0.68%+2.01%63%19weak
FTSE 100+0.51%+1.88%69%42moderate

Asia and emerging markets

MarketAverageMedianUp yearsYearsPattern
BIST 100+4.28%+4.54%62%29moderate
Ibovespa+1.31%+1.79%64%33weak
Hang Seng+0.76%+2.76%67%39moderate
Nikkei 225+0.40%+0.24%52%61no clear pattern
KOSPI-0.43%-0.32%45%29no clear pattern

US stocks

MarketAverageMedianUp yearsYearsPattern
Alphabet+8.69%+9.20%73%22strong
Apple+6.17%+6.03%69%45strong
Nvidia+5.54%+5.91%59%27weak
Microsoft+4.89%+4.05%65%40strong
Amazon+2.85%+2.35%55%29no clear pattern
Tesla+2.48%-2.95%38%16no clear pattern
JPMorgan Chase+2.20%+3.10%61%46weak
Eli Lilly+2.07%+2.09%59%54no clear pattern
Exxon Mobil+1.57%+1.46%59%64weak
Berkshire Hathaway+1.55%+1.21%57%30no clear pattern
Walmart+1.40%+1.22%59%54no clear pattern
Meta Platforms-2.47%-0.44%43%14no clear pattern

European stocks

MarketAverageMedianUp yearsYearsPattern
ASML+7.52%+4.46%68%28strong
Airbus+4.97%+4.78%72%25strong
LVMH+4.30%+4.79%73%26strong
Siemens+3.08%+2.47%52%29no clear pattern
SAP+2.73%+1.05%54%28no clear pattern
Allianz+2.72%+4.89%66%29weak
TotalEnergies+1.77%+2.10%69%26moderate
Shell+1.60%+2.44%70%30strong
Nestlé+1.12%+1.46%61%36moderate
Novo Nordisk+0.30%+0.92%56%25no clear pattern

Crypto

MarketAverageMedianUp yearsYearsPattern
Bitcoin+16.63%+12.94%75%12strong
Solana+12.49%+4.27%50%6no clear pattern
BNB+10.23%+6.69%75%8weak
Ether+6.73%+4.84%63%8weak
XRP-0.76%-1.87%38%8no clear pattern

Energy

MarketAverageMedianUp yearsYearsPattern
Natural gas (Henry Hub)+7.37%+4.17%65%26strong
European natural gas (TTF)+2.82%+2.49%62%34weak
Heating oil (ULSD)-0.78%-0.97%42%26no clear pattern
Brent crude oil-1.01%+0.43%53%19no clear pattern
WTI crude oil-1.77%-1.27%46%26no clear pattern
Gasoline (RBOB)-3.94%-0.04%48%25no clear pattern

Metals

MarketAverageMedianUp yearsYearsPattern
Silver+0.85%+0.84%62%26weak
Palladium+0.65%+1.39%56%27no clear pattern
Gold+0.13%+0.35%50%26no clear pattern
Platinum+0.13%+1.29%61%28no clear pattern
Aluminium+0.11%+0.60%56%34no clear pattern
Copper-0.21%-0.43%46%26no clear pattern
Nickel-1.38%-0.07%47%34no clear pattern

Grains and oilseeds

MarketAverageMedianUp yearsYearsPattern
Corn+2.77%+1.32%62%26moderate
Soybeans+2.04%+1.06%62%26weak
Wheat+0.48%+2.59%62%26no clear pattern

Softs

MarketAverageMedianUp yearsYearsPattern
Sugar+3.28%+2.23%65%26moderate
Cotton+0.67%+1.24%65%26no clear pattern
Coffee (Arabica)-1.10%-1.58%42%26no clear pattern
Cocoa-2.80%-2.83%35%26moderate

Livestock

MarketAverageMedianUp yearsYearsPattern
Live cattle+2.80%+2.22%68%25strong
Lean hogs-5.56%-6.30%28%25strong

Rates

MarketAverageMedianUp yearsYearsPattern
German 10-year Bund yield+1 bp0 bp47%70no clear pattern
US 10-year Treasury yield-1 bp+2 bp52%64no clear pattern
US 2-year Treasury yield-5 bp-3 bp42%50no clear pattern

Currencies

MarketAverageMedianUp yearsYearsPattern
USD/TRY+0.88%+0.41%62%21weak
US dollar index (DXY)-0.01%-0.13%45%55no clear pattern
USD/JPY-0.19%+0.47%55%29no clear pattern
GBP/USD-0.21%+0.05%50%22no clear pattern
EUR/USD-0.28%+0.44%55%22no clear pattern
USD/BRL-0.77%-1.55%45%20no clear pattern

Pattern ratings combine consistency across both halves of the sample, the share of up years and a t-statistic. See the methodology.

September · November

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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.