US stocks open on Columbus Day as bond markets close; Canadian markets shut for Thanksgiving

Full report

The New York Stock Exchange and Nasdaq are operating normal hours, 9:30 a.m. to 4 p.m. Eastern, with no early close. US banks and federal offices are closed for Columbus Day, so no major federal economic data is scheduled for release.

US fixed income is shut: the Securities Industry and Financial Markets Association (SIFMA) recommended a full-day closure for dollar-denominated bond trading, including Treasuries, corporate bonds and municipal securities, in the US, the UK and Japan. CME futures are trading, but with banks closed, cash settlement and collateral movements will not be processed until Tuesday.

In Canada, the Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange are all closed for Thanksgiving, as are Canadian bond and money markets. Japan is closed for Health and Sports Day, leaving global liquidity thinner than usual. Investors are watching the IMF annual meeting, which features speeches from Bank of England and Federal Reserve officials.

Background

Heading into the holiday, US 10-year Treasury yields hit a 24-year high and oil prices were being driven by Middle East headlines. At the IMF meeting, markets are also tracking Houthi strikes on Saudi infrastructure and EU-China consultations on electric-vehicle trade; South Korean exports surged 102% year-on-year in the first 10 days of October, the yuan fixing was set at its strongest since February 2023, and China's September passenger-car sales fell 28.1% year-on-year to 1.63 million units.