(Bloomberg) -- Stocks are rising, excitement is not.

Meme stock frenzy, inflation data, the Fed and the strongest monthly performance since November sound like a perfect mix for high trading activity, yet some stock market volumes suggest everybody is at the beach already.

With just seven trading days left in May, turnover of the S&P 500 ETF Trust stands at just about half the amount seen during last month. Unless volume explodes in the remaining days, the observed volume corresponds more with the market landscape during the summer or Christmas holidays and not a month packed with data, events and a market recovery.

More evidence of dullness is found in the S&P 500 composite turnover index where only one day, May 1, saw trading exceed the average this year.

The US benchmark gained almost 6% so far in May, fully reversing the correction in April after interest rate cut hopes were revived and stock market volatility fell to the lowest level since 2019. With chipmaker Nvidia Corp. reporting its earnings after the close today, chances are that trading volumes will get a little boost before the month ends.

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