The stock market has been strong so far in 2023, but that doesn’t mean investors won’t enjoy the long weekend.
Economic data also gave market participants optimism. On Friday, the Labor Department reported that the U.S. unemployment rate rose in August from July, as wages rose below expectations. The data showed a positive sign for the Federal Reserve, which is working to combat historically high inflation. The central bank says inflation is partly due to a tight labor market.
Here’s what you need to know if you’re interested in shopping on Labor Day 2023.
Is the stock market open or closed for Labor Day?
The New York Stock Exchange and Nasdaq stock market will be closed Monday, Sept. 4, in observance of Labor Day, one of 11 federal holidays recognized in the U.S. Bond markets and stock markets will also be closed. .
US markets will open at regular hours on Tuesday, September 5.
Are International Markets Open on Labor Day 2023?
Most international markets, including the London Stock Exchange, the Hong Kong Stock Exchange and the Shanghai Stock Exchange, will be open on Monday.
However, there is an exception: the Toronto Stock Exchange is closed in observance of Canada’s Labor Day.
What is Labor Day?
In the year Labor Day, a federal holiday since 1894, is celebrated annually on the first Monday in September. It is to honor and celebrate the contributions of American workers in the county.
“I have often said that the middle class built this country, and unions built the middle class.” On Labor Day, we celebrate that essential truth and the dedication and dignity of American workers who maintain our nation’s prosperity, said President Joe Biden. In a statement issued on Friday.
How do stocks perform after Labor Day?
September is typically a tough month for the market. The S&P 500’s Since its inception in 1928, the index has slipped an average of 1.1% in September, according to Dow Jones Market Data.
The index is down 0.1% on average in the week following Labor Day. But in 2022, the S&P 500 instead rose 3.7 percent the following week—marking the index’s best week since Labor Day in 1939.
What else should I know?
After Friday’s jobs data, the market is likely to ride a wave of optimism this week. More traders are expecting the Federal Reserve’s interest rate hike to pause: 93% of traders were pricing in the Fed’s meeting on Friday, September 20, according to CME’s FedWatch tool. That’s a jump from 80% a week ago.
“In September, the current weak month, the bullish trend on the strong month-end rally is still there and encouraging if the Fed skips the increase in September,” wrote Louis Navellier, chief investment officer of Navellier. Investing on Thursday.
Write to Angela Palumbo at [email protected]
