Labor Day 2021 is here. Some exchanges close over the long weekend.
CHANDAN KHANNA / AFP via Getty Images
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Labor Day in the United States is already here, and that means an extended weekend for both traders and investors, as stocks regularly set record highs.
Looking ahead to the weekend, U.S. stocks continued their upward trend, driven by technology stocks after Wednesday’s private payroll data suggested the Federal Reserve might not have to cut bond purchases as soon as was expected. The Fed has kept interest rates low and asset prices high when buying bonds.
He
S&P 500
i
Dow Jones industrial average
were negotiated on Friday after the government’s broader report on August hiring was far below expectations. The most contagious Delta variant of the Covid-19 weighed on recruitment, which raised more concerns about economic growth.
While Hurricane Ida this week shut down much of U.S. oil production and refining capacity, raising oil prices, finances proved to be the index dogs. Wells Fargo was the worst S&P 500 component of the week, while Capital One was the third worst.
Labor Day festivities date back to the 19th century labor movement during the time of the Industrial Revolution. New York City celebrated Labor Day on September 5, 1882, and two years later President Grover Cleveland turned the first Monday in September into a national holiday.
Is the stock market open on Labor Day 2021?
The New York Stock Exchange and the Nasdaq close on Monday, September 6th. The same goes for over-the-counter U.S. markets. They will reopen on Tuesday at 9:30 a.m., Eastern Standard Time. US bond markets will also close on Monday.
In Canada, the Toronto Stock Exchange is also closed on Monday for what that country calls Labor Day. There are generally other open international markets, such as the London Stock Exchange, the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the Tokyo Stock Exchange.
How will Covid-19 impact Labor Day?
Rochelle Walensky, director of the Centers for Disease Control and Prevention, said this week that unvaccinated people should not travel during Labor Day weekend as the United States is struggling with an increase in related cases. with the Delta variant, highly contagious. He added that vaccinated people (currently adults and teenagers over the age of 12 are eligible to be shot) can travel, but should take precautions such as wearing masks in crowded places and on public transport.
Some services will be closed on Labor Day because they are federal holidays. Mail, for example, will not be delivered. Most banks also close their offices in honor of the holidays. But there are also some parties that are normally celebrated on the day they have been canceled due to the pandemic, including the New York West India Day parade and local parades and celebrations across the country.
Labor Day is a popular weekend for sales, especially because it falls in the middle of the shopping season to get back to school.
Bed Bath & Beyond,
(ticker: BBBY), for example, offers up to a 60% discount on select bedding, kitchen and bathroom items and vacuum cleaners.
Macy’s
(M) also announces a 20% to 60% discount sale.
Kohl’s
(KSS) offers a 40% discount on jeans and
Wayfair
(W) has discounts of up to 70%.
How have stocks historically evolved during the week after Labor Day?
September is generally considered a bad month for stocks, with a broad market giving up an average of 1% during the month of the years dating back to 1928.
Labor Day can be particularly brutal. Last year, the S&P 500 fell 2.51% during the holiday week, the worst Labor Day performance since 2008, when it fell 3.2%.
Write to Liz Moyer to [email protected]