You are currently viewing Is the U.S. stock market closed today? – MarketWatch

Is the U.S. stock market closed today? – MarketWatch

The U.S. stock market will be closed Monday, Sept. 5, in honor of Labor Day, a national holiday that has been celebrated on the first Monday of each September for nearly 130 years.
The holiday was born out of the fight for safer working conditions for U.S. workers, as well and fair wages and benefits. Eventually, it also led to the creation of the Labor Department in 1913, a federal regulator with a mission to support the interests of wage earners, job seekers and retirees.
This year, a hot labor market has been a key focus in markets, particularly with the Federal Reserve vowing to fight rampant inflation until it recedes to its 2% annual target, even if that means more pain for households and businesses.
Average hourly earnings growth has been running at a 5% annual rate this year (see chart), but not enough to keep up with the inflation surge, which only recently has hinted at easing, with a pullback in energy CL00, -0.41% prices.
Concerns about a potential U.S. recession and job losses have been on the forefront this year, particularly with the Fed expected to hike rates until its policy rate reaches about 4%, or a “restrictive” enough level to pinch demand for goods and services. The benchmark rate now sits in a 2.25% to 2.5% range.
The uncertain backdrop has weighed heavily on stocks, with the Dow Jones Industrial Average DJIA, -0.35% down almost 13% on the year through Sept. 1, the S&P 500 index SPX, -0.84% down about 17% and the Nasdaq Composite Index COMP, -1.37% roughly 25% lower on the year, according to FactSet.
See: What history says about September and the stock market after summer bounce runs out of steam
On the flip side, after years of negative global bond yields, the reversal of easy-money policies has led the 10-year Treasury rate TMUBMUSD10Y, 3.714% to punch back up to almost 3.3%, after it fell to a one-year low below 1.3% last September, according to Dow Jones Market Data.
While Labor Day marks a rare day off for the stock market, the U.S. bond market, the Postal Service and many businesses also close for the day but pay staff for the holiday.
For any house hunters still looking for a 30-year mortgage, despite rates recently pegged at 5.7%, know that banks, including the big ones like JPMorgan Chase & Co. JPM, -1.14%, also close for Labor Day.
What’s the next holiday for markets? It’s a long wait for the next big one: Thanksgiving Day, which this year falls on Thursday, Nov. 24.
While the bond market does take off Columbus Day on Monday, Oct. 10, as a recommended holiday, U.S. stock exchanges will remain open.
Hear from Carl Icahn at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The legendary trader will reveal his view on this year’s wild market ride.
The global growth outlook is uncertain as central banks vow to use all their weapons against inflation. What investors need is a solid moat of companies that have proven their economic resilience, says Credit Suisse.

Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco.
Visit a quote page and your recently viewed tickers will be displayed here.

source

Leave a Reply