Stock and bond markets in the U.S. will be closed Monday,
January 18 in observance of Martin Luther King, Jr. Day, offering traders a
short break from what’s already been a hectic year.
The Securities Industry and Financial Markets Association, or Sifma, has recommended that bond markets close for the day, impacting trading in the 10-year Treasury note TMUBMUSD10Y, 1.090%. The New York Stock Exchange and the Nasdaq are also closed for the federal holiday.
Meanwhile, in U.S. commodities markets, there will be no regular trading or settlements, including for Nymex crude oil and Comex-traded gold.
The holiday comes as investors remain on edge over rising coronavirus case counts, a slow vaccine roll-out, violence surrounding the presidential transition, lofty stock valuations, surging bond yields, and more. Even so, stocks have carved out gains in the year to date: the Dow Jones Industrial Average DJIA, -0.57% was up1.3%, the S&P 500 SPX, -0.72% had gained 1.1%, and the Nasdaq Composite COMP, -0.87% was 1.7% higher through the close on Thursday.
Monday’s celebration of the life of Dr. Martin Luther King Jr. is the first since the killing of George Floyd in May, which touched off weeks of protests in communities around the country. There is some additional resonance for the holiday this year: Raphael Warnock, currently the senior pastor of the Ebenezer Baptist Church, where King once ministered, was just elected the first Black Senator from Georgia.
The holiday is traditionally observed on the third Monday of January to mark King’s birthday, January 15, 1929.