Labor Day weekend was expected to mark the semi-official end of the summertime snooze. But there’s no sign that it has, at least if judging by the lethargic stock trading. By 3 p.m., only 2.26 billion shares had changed hands on the New York Stock Exchange composite tape. That’s even worse than what we’ve seen over the last two weeks, when 3 p.m. volume averaged about 2.9 billion shares.

In doesn’t look like we’ll see the slowest day of the year. That came on Aug. 30, when only 2.00 billion shares had traded by 3 p.m. (Total composite trading was just 3.07 billion shares that day.) But it definitely seems that the summer slumber is still in effect, which stamps something of an asterisk on today’s 1% decline in the S&P 500, as low-volume moves are often interpreted as lacking conviction.

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