Monday, May 30, marks Memorial Day, an American holiday honoring men and women who fell in military service that also marked the unofficial start of summer.
The US financial markets, including the New York Stock Exchange, owned by Intercontinental Exchange Inc. ICE,
and exchanges operated by Nasdaq Inc. NDAQ,
It will be closed on Monday.
Stocks were poised for strong weekly gains ahead of the Christmas holidays, with the Dow Jones Industrial Average DJIA,
set to snap a streak of eight consecutive weekly declines, the longest since 1932, according to Dow Jones Market Data. The S&P 500SPX,
and Nasdaq Composite COMP,
they were poised to end a seven weekly relegation streak.
While stocks suffered in 2022, investors were buoyed by data that showed inflationary pressures, while still intensifying, may be peaking.
Meanwhile, bond traders get an early break on the holidays. The Securities and Financial Markets Industry Association, an industry trade group, recommended a 2 pm ET close for US fixed income trading on Friday. The store will be closed on Monday.
Treasury yields, which move in the opposite direction to price, have retreated since reaching their highest levels since late 2018 earlier this month.
Parades and memorial services are expected, along with family barbecues and picnics. Memorial Day also marks the start of what analysts call the “summer driving season” in the US, which runs through Labor Day weekend in September.
While investors are showing some signs of optimism on the inflation front, the summer driving season is off to a painful start for motorists, with gas prices at the pump at or near records due to fuel shortages. both gasoline and distillate supplies on both sides of the Atlantic. That has helped keep crude oil futures elevated and on track for a strong weekly gain, with the US benchmark CL.1,
trading north of $113 a barrel.