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Stock and enslaved markets successful the U.S. volition beryllium closed Monday, January 17 successful observance of Martin Luther King, Jr. Day, offering traders a remainder aft a volatile commencement to the year.
The Securities Industry and Financial Markets Association, oregon Sifma, has recommended that enslaved markets adjacent for the day, which may impact trading successful the 10-year Treasury enactment TMUBMUSD10Y, 1.792%. The New York Stock Exchange and the Nasdaq are besides closed for the national holiday.
Meanwhile, in U.S. commodities markets, determination volition beryllium nary regular trading oregon settlements, including for Nymex crude oil and Comex-traded gold.
The vacation comes 2 weeks into a twelvemonth that’s started connected a down enactment for stocks, acknowledgment to the ongoing omicron question of coronavirus cases, a hawkish Federal Reserve, surging inflation, and uncertainty astir valuations up of the adjacent firm net reporting season.
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U.S. stocks are little successful the twelvemonth to date: the Dow Jones Industrial Average DJIA, -0.56% is down 1.2%, the S&P 500 SPX, +0.08% has mislaid 2.2%, and the Nasdaq Composite COMP, +0.59% is down 4.8% done the adjacent connected Friday. The 10-year enactment has surged astir 15 points, meanwhile, arsenic investors merchantability those bonds, anticipating higher involvement rates ahead.
The omicron surge has prompted aggregate changes to Monday’s solemnisation of the beingness of Dr. Martin Luther King Jr. Communities from Alabama to Massachusetts, aft initially readying in-person events, person alternatively pivoted to online versions, successful galore cases for the 2nd twelvemonth successful a row.
Related: Omicron is whacking section governments already stretched excessively thin
Even so, investors proceed to reward exchange-traded funds geared toward the “re-opening trade” much than the “work-from-home” authorities that dominated 2020. The U.S. Global Jets ETF JETS, -1.37% was up 5.5% successful the twelvemonth to day done Friday, portion the Direxion Work From Home ETF WFH, +0.53% had mislaid 5.5% successful the aforesaid period.
The Martin Luther King vacation is traditionally observed connected the 3rd Monday of January to people King’s birthday, January 15, 1929.
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