U.S. financial markets will pause on Monday to mark President's Day – which is technically not the name of the holiday.
The New York Stock Exchange and Nasdaq will close on February 15th. The Securities Industry and Financial Markets Association (Sifma) recommends not trading in US dollar-denominated securities, which is what the closely watched 10 year Treasury bill means
– as well as interest rates on money markets and certificates of deposit – will join the Dow Jones Industrial Average
the S&P 500 index
and the Nasdaq Composite Index
in a static state.
And trading in futures and options on the CME Group
The exchange will also stop on Monday. In other words, there will be no settlement when trading gold futures
or crude oil
However, traders can trade commodities on the Globex platform. The break starts after 1 p.m. East.
So here is the skinny on Presidents Day. According to the Library of Congress, Congress declared Washington's birthday in 1879 a public holiday. The first President of the Republic was born on February 22, 1732.
A number of sources indicate that the holiday was initially only celebrated in the District of Columbia, but was widely recognized as a federal holiday in 1885. This was the first time an American person was reminded of a bank holiday.
The Uniform Holidays Act of 1968 changed the day of commemoration to the third Monday in February. The Library of Congress website states that the name of the day has never been officially changed to Presidents Day, but is often referred to by that name because of the 16th birthday of US President Abraham Lincoln on February 12.
The holiday is still often referred to as Washington's birthday and is recognized under the name of Intercontinental Exchange Inc. under that name
New York Stock Exchange.
It is the story in which first a president and later two presidents, or the presidency in general, were recognized that may or may not account for the differences in style that appear in written references to President's Day – or, alternatively, to President's Day Presidents day.
Presidents Day is the style of choice for journalistic standard-setters like the Associated Press Stylebook (whose Twitter account tweets a reminder annually) and the Wall Street Journal's style guide.
Meanwhile, Canadian markets are closed on Family Day, which coincides with Presidents Day in the United States and falls on the third Monday in February. Trade in European markets and move on benchmarks like the Stoxx Europe 600
and the UK's FTSE 100
should be on the road as usual on Monday.
However, Asian markets will be largely closed for the Lunar New Year, switching sides from the COVID-stricken Year of the Rat to the Year of the Ox, which officially began on February 12th. The Shanghai Composite Index
the CSI 300
the Shenzhen Composite Index
and Hong Kong's Hang Seng Index
will be closed on Monday.
Chinese stock exchanges will pause February 11-17, while Hong Kong markets will be closed Friday through Monday.
Markets in Asia and the United States have soared in hopes of better economic times as the world tries to recover from the COVID-19 pandemic, which was first detected in December 2019 and has since caused 108 million cases worldwide – 27 million in the US, along with 475,000 US deaths, according to data from the Johns Hopkins University of Medicine.