The New York Stock Exchange and Nasdaq, the two biggest stock-trading venues in the U.S., have declared that they will be closed on Tuesday in recognition of the Fourth of July holiday.
Furthermore, Monday’s trading, which marks the start of the second half of 2023, will end three hours early at 1 p.m. Eastern Time, giving equity traders a brief respite.
Sifma, the Securities Industry, and Financial Markets Association, advises bond traders to acknowledge the Fourth of July with an early closure in the fixed-income trading sector, recommending trading to end at 2 p.m. Eastern Time on Monday.
Friday saw U.S. stocks wrap up the first half of 2023 at 14-month highs. According to Dow Jones Market Data, the S&P 500 SPX touched its highest close since April 20, 2022, going up by 53.94 points, or 1.2%, to 4,450.38. Meanwhile, the Nasdaq Composite COMP celebrated June by registering its most significant first-half gain since 1983.
The Dow Jones Industrial Average DJIA also ended on a high note on Friday, finishing the first half at 34,407.60, its highest closing point since June 15, with an increase of 285.18 points, or 0.8%.
Treasury yields saw minimal changes on Friday. However, the day prior saw the 2-year and 10-year Treasury yields reach their highest closing levels in more than three months, according to FactSet data. It’s noteworthy that bond yields inversely reflect prices.
The yield on the 2-year Treasury note TMUBMUSD02Y finished almost unchanged on Friday at 4.877% compared to 4.876% on Thursday. The yield on the 10-year Treasury note TMUBMUSD10Y, on the other hand, fell by 3.5 basis points to conclude Friday at 3.818%, compared with 3.853% on Thursday afternoon.
As Tuesday marks the 247th year of ratifying the Declaration of Independence, Charles Passy from MarketWatch has put together a guide of what will be open and closed.
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