US Market Reaction Ahead Of Thanksgiving; Is Trading In Dow Jones, S&P 500, Nasdaq Closed On November 28, 2024

US Stock Market: Ahead of Thanksgiving, the national holiday of the United States of America (USA), Wall Street closed in red. The worst to take a hit would be the Nasdaq Composite on November 27, down by nearly a per cent, while the Dow Jones and S&P 500 index slipped marginally. Investors booked profits of strong rally of overall November month, while key macro data influenced its sentiment.

Dow Jones: The Dow Jones Industrial Average or DJIA index ended at 44,722.06, down by 138.25 points or 0.31%.

S&P 500: This index dipped by 22.89 points or 0.38% to finish at 5,998.74.

Nasdaq Composite: The tech-heavy index shed as much as 115.10 points or 0.6% to end at 19,060.48 on November 27.

Explaining, the performance of the market, Trading Economics data highlighted that US equities closed lower on Wednesday as investors took profits after strong November gains and assessed the latest economic data.

The data further pointed out that technology stocks led the downturn, with Nvidia, Meta, and Microsoft falling 1.1%, 0.7%, and 1.2%, respectively, while Dell and HP plunged more than 11% each on weak earnings guidance. October's Personal Consumption Expenditures index, the Fed's preferred inflation measure, rose 0.2% (2.3% YoY), and core PCE increased 0.3% (2.8% YoY), meeting forecasts but suggesting progress toward the Fed's 2% target has stalled. Weekly jobless claims fell to 213,000, and Q3 GDP growth held at 2.8%, underscoring economic resilience. Markets now anticipate a 34% probability of the Federal Reserve keeping rates unchanged at its December meeting, up from 24% a month ago.

US Market Opened Or Closed On Thanksgiving Day?

There are two main exchanges in the United States of America namely NYSE and Nasdaq. As per both the exchange holidays for 2024, Thanksgiving Day will be a market holiday. Hence, trading will be closed on exchanges for equities, bonds, dollars, derivatives, commodities and other market-related instruments.

This year, Thanksgiving Day in the USA will be celebrated on November 28, 2024. Apart from being considered a federal holiday when states declare public holidays along with banks and government offices are also shut, Thanksgiving Day is also a national holiday in the USA which makes it a compulsory holiday for everyone including private offices and the stock market.

Thanksgiving is a national holiday celebrated on various dates in October and November in the United States, Canada, Saint Lucia, Liberia, and unofficially in countries like Brazil, Germany and the Philippines. It is also observed in the Dutch town of Leiden and the Australian territory of Norfolk Island. It began as a day of giving thanks for the blessings of the harvest and of the preceding year. Various similarly named harvest festival holidays occur throughout the world during autumn. Although Thanksgiving has historical roots in religious and cultural traditions, it has long been celebrated as a secular holiday as well, as per Wikipedia.