On December 3, 2024, trading volume for the S&P 500 ETF, known as $SPY, reached a notably low level, with only 5.45 million shares traded by 1:20 PM ET. This marked a significant decline compared to previous trading sessions, including 30 million shares on Thanksgiving Friday. Analysts indicated that the volume on this day was the lowest in five years, even lower than typical holiday trading days. Furthermore, the total volume for the day was reported at 26.9 million shares, the lowest since May 27, 2005, when excluding holiday-shortened trading days. The low trading activity has raised concerns among market observers, with some suggesting that it could indicate a lack of market momentum.