U.S. Stock Markets Closed To Trade On Monday For Memorial Day

United States stock markets is closed on Monday, May 27 in observance of Memorial Day.

The Nasdaq and New York Stock Exchange will be closed Monday and reopen Tuesday, May 28. The U.S. bond market will close at 2 p.m. ET Friday, May 24 according to the Securities Industry and Financial Markets Association.

Memorial Day is one of many holidays in the U.S. that observe and honour the armed forces. Originally called “Decoration Day,” Memorial Day dates back to the 1860s and commemorates those who have died while serving in the U.S. military.

After closing for Memorial Day, it will be business as usual on Wall Street until mid-June. The next scheduled stock market closure is on Wednesday, June 19, in observance of Juneteenth.

The Nasdaq closed Friday at a fresh record high as gains in chipmaker Nvidia outweighed worries that the Federal Reserve will delay interest rate cuts.

On Friday, the S&P 500  rose 0.7%, closing at 5,304.72, while the Nasdaq Composite  advanced 1.1%, ending at 16,920.79. The Dow Jones Industrial Average  edged up 4.3 points, or 0.01%, to finish at 39,069.59.

Week to date, the S&P 500 inched up just 0.03%. The tech-heavy Nasdaq outperformed, with a gain of 1.41%. Meanwhile, the Dow shed 2.33%, marking its first negative week in five.

Nvidia shares climbed around 2.6% Friday as enthusiasm continued over its blockbuster earnings report, pushing the shares above $1,000 for the first time. The bullish sentiment on the AI giant and other tech names powered the market higher, even as concerns the Fed will not lower rates this summer lingered.

After several strong economic and labour data releases this week, Goldman pushed its forecast for the Fed’s first rate cut back to September from July.

“Inflation is likely to be much improved by September, but hardly perfect, and still at a year-on-year rate that makes cutting a less than obvious decision,” CNBC cited Goldman economist David Mericle stating.

Traders are now pricing in less than a 50% chance the central bank will cut rates at its September meeting, according to the CME FedWatch Tool.

Several tech names were higher on Friday. Advanced Micro Devices and Intel rose 3.7% and 2.1%, respectively. Meta and Netflix shares also rallied 2.7% and 1.7% each. Their performance helped Nasdaq log its eleventh record close of the year.

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