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What usually happens in February

The most consistent February strength has come from Bitcoin (+10.19%, up 75% of years), Nvidia (+7.42%, up 68% of years), Lean hogs (+6.00%, up 73% of years), Gasoline (RBOB) (+4.39%, up 62% of years). The most consistent weakness: Alphabet (-2.96%, up 36% of years), European natural gas (TTF) (-2.65%, up 6% of years).

For the S&P 500, February has averaged -0.11% with gains in 52% of years, and an average absolute move of 3.12%.

Stronger in February

Weaker in February

Every market in February

US indices

MarketAverageMedianUp yearsYearsPattern
Russell 2000+1.01%+0.97%59%39no clear pattern
Nasdaq Composite+0.40%+0.10%51%55no clear pattern
Dow Jones Industrial Average-0.01%+1.18%63%35no clear pattern
S&P 500-0.11%+0.20%52%99no clear pattern

European indices

MarketAverageMedianUp yearsYearsPattern
CAC 40+1.25%+2.17%58%36no clear pattern
DAX+1.06%+2.15%56%39no clear pattern
IBEX 35+0.95%+0.87%55%33no clear pattern
FTSE 100+0.80%+0.76%60%43weak
FTSE MIB+0.61%+1.83%62%29no clear pattern
Swiss Market Index+0.60%+1.47%64%36weak
Euro Stoxx 50+0.13%+2.01%58%19no clear pattern

Asia and emerging markets

MarketAverageMedianUp yearsYearsPattern
Hang Seng+2.30%+1.46%60%40moderate
Ibovespa+2.22%+0.67%58%33no clear pattern
Nikkei 225+0.76%+0.63%56%62no clear pattern
BIST 100+0.58%+0.44%52%29no clear pattern
KOSPI+0.30%+0.43%53%30no clear pattern

US stocks

MarketAverageMedianUp yearsYearsPattern
Nvidia+7.42%+4.49%68%28strong
JPMorgan Chase+2.35%+2.61%57%46weak
Apple+1.68%+2.11%54%46no clear pattern
Berkshire Hathaway+1.39%+2.80%67%30moderate
Tesla+0.97%-0.45%44%16no clear pattern
Eli Lilly+0.84%+0.74%54%54no clear pattern
Exxon Mobil+0.76%+0.17%51%65no clear pattern
Walmart+0.65%+0.50%57%54no clear pattern
Microsoft-0.76%-0.64%45%40no clear pattern
Meta Platforms-1.00%-3.09%36%14weak
Amazon-2.71%-0.63%45%29no clear pattern
Alphabet-2.96%-0.88%36%22moderate

European stocks

MarketAverageMedianUp yearsYearsPattern
Novo Nordisk+2.90%+4.90%73%26moderate
Airbus+2.81%+3.39%72%25strong
LVMH+1.71%+1.53%59%27weak
Nestlé+1.67%+2.70%73%37strong
TotalEnergies+1.32%+2.46%63%27weak
Shell+0.67%+1.13%60%30weak
Siemens+0.38%-1.06%47%30no clear pattern
SAP+0.12%-0.82%43%28no clear pattern
Allianz-0.08%+2.31%60%30no clear pattern
ASML-0.47%-0.53%50%28no clear pattern

Crypto

MarketAverageMedianUp yearsYearsPattern
BNB+48.97%+5.42%56%9no clear pattern
Solana+28.62%-4.36%33%6no clear pattern
Bitcoin+10.19%+11.86%75%12strong
Ether+4.26%+7.69%67%9weak
XRP-5.51%-7.19%33%9weak

Energy

MarketAverageMedianUp yearsYearsPattern
Gasoline (RBOB)+4.39%+5.45%62%26strong
Brent crude oil+4.15%+2.88%68%19strong
WTI crude oil+3.54%+5.21%73%26strong
Heating oil (ULSD)+3.26%+2.57%58%26no clear pattern
Natural gas (Henry Hub)-2.09%-4.87%42%26no clear pattern
European natural gas (TTF)-2.65%0.00%6%35strong

Metals

MarketAverageMedianUp yearsYearsPattern
Copper+2.93%+2.01%65%26strong
Platinum+2.39%+1.94%65%26moderate
Silver+2.33%+3.01%54%26no clear pattern
Nickel+2.29%+2.14%69%35strong
Palladium+1.91%+2.17%59%27no clear pattern
Gold+1.23%+0.87%58%26no clear pattern
Aluminium+0.97%+0.50%57%35no clear pattern

Grains and oilseeds

MarketAverageMedianUp yearsYearsPattern
Soybeans+3.43%+2.44%65%26strong
Corn+1.35%+2.20%62%26no clear pattern
Wheat+0.60%-1.66%42%26no clear pattern

Softs

MarketAverageMedianUp yearsYearsPattern
Cocoa+2.25%+3.29%59%27no clear pattern
Cotton+1.92%+0.52%56%27no clear pattern
Coffee (Arabica)+0.50%-0.66%41%27no clear pattern
Sugar+0.01%+0.11%50%26no clear pattern

Livestock

MarketAverageMedianUp yearsYearsPattern
Lean hogs+6.00%+5.67%73%26strong
Live cattle+1.48%+2.53%75%24strong

Rates

MarketAverageMedianUp yearsYearsPattern
US 2-year Treasury yield+13 bp+6 bp60%50moderate
US 10-year Treasury yield+4 bp+2 bp55%65no clear pattern
German 10-year Bund yield+1 bp0 bp37%70no clear pattern

Currencies

MarketAverageMedianUp yearsYearsPattern
USD/TRY+0.88%+1.10%68%22strong
USD/JPY+0.62%+0.44%53%30no clear pattern
USD/BRL+0.29%-0.60%43%21no clear pattern
US dollar index (DXY)-0.07%+0.07%52%56no clear pattern
EUR/USD-0.25%-0.12%39%23no clear pattern
GBP/USD-0.38%-0.22%43%23no clear pattern

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

January · March

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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.