US Market Holidays 2024: The United States of America is honouring their veterans on November 11, 2024. Veterans Day is a federal holiday, and accordingly, schools, banks and government offices are closed on this day. Trading in the bond market is also closed. However, trading in currency, futures, options, and equities like Dow Jones, S&P 500 and Nasdaq Composite will continue to trade. Most likely, the post-election enthusiasm is expected in the market.
US Stock Futures:
US stock futures gained momentum at the start of the trading week. The Dow Jones Industrial Average Index Futures traded up by 173 points or 0.39% to 44,316, which is near their day's high of 44,353.
While the S&P 500 Index Futures also gained by 18 points or 0.29% to trade at 6,043, after hitting a high of 6,053.25. Also, the Nasdaq-100 Futures climbed by 66.25 points or 0.31% to perform at 21,297.25, after hitting an high of 21,340.75.
According to Trading Economics, US stock futures continued their upward momentum on Monday, extending the post-election rally that has driven major indexes to record highs.
It added, that these rallies were largely fueled by Donald Trump's victory in the US presidential election, coupled with a favorable interest rate cut from the Federal Reserve, which bolstered market sentiment. As the rally continues, investors are now turning their attention to upcoming inflation data and more corporate earnings reports scheduled for release later this week.
Dollar Index:
The US dollar index gained to hit its highest level since early July, to 105.5 on Monday. Also, it has extended its winning streak for six consecutive week. The Trading Economic data stated that the 'Trump trades" remain prevalent as traders anticipate that Donald Trump's policies on taxation and deregulation will favor businesses and likely drive inflation higher, limiting the Fed's capacity to lower interest rates.
Global currencies like Euro depreciated below $1.07 against dollar, marking its lowest level since late June. While the British pound also recorded its three-months low to $1.28 per dollar. The case of Australian and New Zealand dollars also dipped marginally.
Coming to Indian rupee, it touched the lowest level to 84.1 per dollar, owing to FIIs outflow in Indian equities.
Gold, Crude Oil Prices:
Gold and crude oil prices dipped as well. Spot gold tumbled to $2,670 per ounce, with strengthening in dollar index. This will be its second decline in a row. Although, investors will also focus on US inflation data going ahead.
Meanwhile, Brent crude slipped by as much as 2.3% to trade at 72.19 per barrel.
Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, COMEX Gold prices fell to a one-month low of $2,650.30 per ounce last week, as investor sentiment shifted toward risk assets following Trump's election victory and the Republican Party's successful bid to regain control of the US Senate. Gold briefly rebounded above $2,700 after the Federal Reserve's widely anticipated 25-basis point rate cut. However, stronger dollar and rising Treasury yields kept gold under pressure, and it closed the week down 2% at $2,694.80 per ounce.
Chainwala added, WTI Crude Oil experienced a sharp pullback, as investors were underwhelmed by the scale of China's debt swap package, casting doubt on its ability to effectively stimulate the Chinese economy, especially in the face of potential US tariffs on Chinese exports. National People's Congress (NPC) of China approved a 6 trillion yuan ($839 billion) debt swap program aimed at easing local government debt over the next three years. Meanwhile, Chinese crude oil imports fell 9% year-on-year in October, totaling 44.7 million metric tons. This marks the sixth consecutive month of declines and brings total imports for January-October down 3.4%, to 457 million metric tons.
He also said, Oil prices had surged to a three-week high of $72.88, supported by supply disruption prospects, including potential tighter sanctions on oil exports from Iran and Venezuela, as well as a significant reduction in US oil output due to Hurricane Rafael. WTI Crude Oil fell for a second consecutive day on Monday, dipping below $70 per barrel, as persistent deflationary pressures in China highlighted the need for bolder actions to counter a potential trade war with the US. China's consumer price index (CPI) rose by just 0.3% year-on-year in October, slowing from a 0.4% increase in September while, the producer price index (PPI) dropped 2.9%, following a 2.8% decline in September, continuing its deflationary trend that has persisted since September 2022.
US Federal Holiday:
In 2024, the Federal Government has recognized 11 holidays. These federal holidays are designated by the United States Congress in Title V of the United States Code.
As a general rule of courtesy, custom, and sometimes regulation, other institutions, such as banks, businesses, schools, and the financial markets, may be closed on federal holidays. In various parts of the country, state and city holidays may be observed concurrently with federal holidays, as per Wikipedia.
One such federal holiday is Veterans Day.
Veterans Day Holiday:
The essence of Veterans Day is to honour veterans of the United States Armed Forces. The holiday is observed every year on November 11. It needs to be noted that Veterans Day is not similar to Memorial Day which honours those military personnel who have died during their services.
Is the US Stock Market Closed On Veterans Day?
In the United States, there are two major stock markets namely the New York Stock Exchange and Nasdaq.
As per both the NYSE and Nasdaq lists of holidays in 2024, Veterans Day is not observed as a holiday for trading in the equity market. Hence, trading in Dow Jones, S&P 500, and Nasdaq Composite will be opened on Monday, November 11, 2024. However, bond markets will not be opened.
In the case of bond markets, the Morningstar report highlighted that he Securities Industry and Financial Markets Association (SIFMA), the trade group that represents the bond community, said it issues closing recommendations based on the Federal Reserve Bank of New York's holiday calendar - and that calendar indeed includes Veterans Day.
Last week, Dow Jones, S&P 500 and Nasdaq Composite touched new record highs.
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