Market Extra: Is the U.S. stock market closed on Memorial Day?

By: market watch Posted On: May 26, 2023 View: 16

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 ended 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 somewhat 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 trillion U.S. borrowing limit.

The rate on the 1-month TMUBMUSD01M, 5.549% 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 TMUBMUSD10Y, 3.806% was near 3.8% Friday.

Stocks finished higher on Friday as well, but with the Dow Jones Industrial Average DJIA, +1.00% booking a 1% decline for the week, according to FactSet. The S&P 500 index SPX, +1.30% rose 0.3% weekly gain, while the Nasdaq Composite Index COMP, +2.19% gained 2.2% for the week, powered by excitement around Nvidia Corp.’s NVDA, +2.54% earnings and optimism around AI technologies. The S&P 500 and Nasdaq also both closed Friday at their highest levels since August 2022.

Also see: Memorial Day weekend: Is the post office delivering mail on Monday? Are banks open?

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