Is the U.S. stock market closed on on Memorial Day?
The U.S. stock market is closed on Monday, May 29 for Memorial Day, as is the bond market, but the trading session for bonds also ends early Friday at 2 p.m. Eastern, ahead of the long holiday weekend.
Investors have been glued to developments on the U.S. debt-ceiling impasse in recent days, with talks in Washington looking promising on Friday for an agreement to be reached to avert bringing the U.S. to the brink of a default.
Read: Here’s what’s in the emerging debt-ceiling deal — such as a cut to the IRS
Trading has been volatile in U.S. debt, especially in short-term Treasury bills due around the June 1 “X-date,” or when Treasury Secretary Janet said the government is likely to run out of enough funds to coverall its bills, without a deal to suspend or increase the current $31.4 billion U.S. borrowing limit.
The rate on the 1-month T-bill, issued on May 9 and maturing on June 6, was at 5.649% Friday, down 139.2 basis points from 7.041% two days ago, writes MarketWatch’s Vivien Lou Chen. The 10-year Treasury yield was near 3.83% Friday.
Stocks were higher on Friday as well, but with the Dow Jones Industrial Average still on pace for a roughly 1.1% decline for the week, according to FactSet. The S&P 500 index was on pace for a 0.2% weekly gain, while the Nasdaq Composite Index was heading for a 2.3% weekly gain, powered by excitement around Nvidia Corp.’s earnings and optimism around AI technologies.
Related: Here are 3 key things to know about markets and the debt-ceiling fight as Memorial Day weekend approaches
Also see: Memorial Day weekend: Is the post office delivering mail on Monday? Are banks open?