The US market witnessed a stellar last week, closing on record highs. The major fuelling factor was Donald Trump's landslide victory in the US Presidential Election 2024, which was on the expected lines. Also, the US Federal Reserve's 25 bps rate cut lifted sentiments further. Now coming to next week's trading sessions, there is one federal holiday that will be observed on November 11, Monday, which is called ss Veterans Day. Will trading on Dow Jones, S&P 500 and Nasdaq Composite be closed as well on this day?
US Federal Holidays:
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.
According to Morningstar report, for several years, NYSE did close on Veterans Day, but that changed in 1954 when it opted instead to stay open but observe a two-minute shutdown. Now, the two-minute observation occurs before the market opening, so there's no interruption to the trading day.
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.
US Market Last Week:
Dow Jones: The Dow Jones Industrial Average or DJIA closed at 43,988.99, up by 259.65 points or 0.59% last week on Friday. On November 8th, DJIA crossed the 44,000 mark for the first time and touched a new all-time high of 44,157.29. Overall, in the November 4-8 trading week, Dow Jones skyrocketed by a whopping 1,984.33 points or 4.72%.
S&P 500: The index ended at 5,995.54, up by 22.44 points or 0.38%, after hitting a new lifetime high of 6,012.45 last week on Friday. S&P's weekly performance is up by 270.39 points or 4.72%.
Nasdaq Composite: The tech-heavy index closed up by 17.32 points or 0.09% to 19,286.78 on Friday, November 8, after hitting a new record high of 19,318.56 in the session. Weekly performance is also robust with an upside of 1,066.35 points or 5.85%, outperforming both Dow Jones and S&P 500 in percentage terms.
US stocks continued their upward momentum to close at records on Friday, buoyed by optimism surrounding Donald Trump's victory and a favourable interest rate cut from the Federal Reserve. The best-performing sectors were utilities, real estate, and consumer staples, while materials lagged. Tesla's stock jumped 8.2% to $321.22, as the company achieved a trillion-dollar valuation for the first time in over two years. Axon Enterprises soared 28.7% after raising its revenue guidance. The rally was fueled by the Fed's 0.25% rate cut, with Chairman Jerome Powell affirming confidence in the economy, as per Trading Economics data.
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