US Market Today: It is a holiday in many states of the United States Of America (USA) as they observe October 31 to November 1 as a Diwali holiday for the first time. It started with Pennsylvania and stretched to big cities like New York, and Texas. The celebration has been in full swing in these states since Thursday, owing to official public holidays. Since India is celebrating its Laxmi Puja on November 1, does that mean trading in US indices like Dow Jones, S&P 500, and Nasdaq Composite are closed on Friday?
US Diwali Holidays:
In a major and historic move, the state of Pennsylvania becomes the first in the USA to declare Diwali as an official public holiday. Soon after, states like Texas, New York and New Jersey also declared Diwali has a public holiday in their regions, to promote cultural diversity and inclusivity.
Even President Joe Biden had lit Diwali candles in the White House, in front of his mixed culture aka Indian-American staff members. Via his X handler, POTUS said, "This Diwali, may we show the power in the gathering of light. The light of knowledge, of unity, of truth. The light for freedom, for democracy, for an America where anything is possible."
Does that mean the US market is closed on November 1? No!
Despite the public holiday, trading on Dow Jones, S&P 500, and Nasdaq will be opened for buying and selling in market-related instruments.
Ahead of the Laxmi Pujan in India, US stock futures climbed in early trade on November 1.
US Stocks Futures On Friday:
At the time of writing, S&P 500 futures traded at 5,749.50, up by 0.19%, while it ranged between 5,751.50 to 5,732.50.
Also, Dow Jones Futures surged by 0.12% to perform at 41,998 and ranged between 41,893.00 to 42,003.00. Further, Nasdaq 100 Futures surged by 0.4% to trade at 20,091, while it ranged between $20,112.50 to 20,017.00.
According to Trading Economics, US stock futures climbed on Friday, buoyed by robust earnings reports from major tech companies, while investors awaited the October jobs report. In after-hours trading, Amazon surged nearly 6% following better-than-expected Q3 results, bolstered by growth in its cloud and advertising sectors. Intel also rallied 7% on stronger-than-anticipated revenue and an optimistic sales outlook.
However, Trading Economics data also highlighted that in contrast, Apple experienced a nearly 2% decline despite solid quarterly results. The iPhone maker warned of tepid growth for the holiday season and ongoing challenges in the China market.
Going ahead, the data said, The downturn was attributed to disappointing earnings guidance from Microsoft and Meta, which sparked concerns over rising AI costs and potential profit pressures. With eyes now on crucial employment data and more earnings reports, investors are poised for further market reactions.
US Market Ahead Of Laxmi Pujan On October 31:
Dow Jones: The Dow Jones Industrial Average or DJIA dropped by 378.08 points or 0.90% to close at 41,763.46.
S&P 500: Further, this index underperformed Dow Jones, by falling 108.22 points or 1.86% on October 31. The closing price was 5,705.45.
Nasdaq Composite: The tech-heavy index closed at 18,095.15, freefalling by 512.78 points or 2.76%, taking the worst hit on Thursday.
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