The US stock market will have a lesser number of days to trade this week. Already, lower volatility can be seen in this holiday-shortened week ending November 25. Thanksgiving is a U.S. stock market holiday, and the Nasdaq and New York Stock Exchange (NYSE) are both closed on Thursday, November 24. The trading hours of the stock market the next day also get impacted, with early closing on Black Friday at 1 pm. Effectively, it will be a holiday-shortened week for US stock market investors. The market, thereafter, opens on November 28 with regular trading hours. The next holiday for the US stock market is on December 26 as December 25 is Sunday. In total, there are 9 market holidays in a year, when markets are closed.
Thanksgiving Day is a national holiday in the United States that was first observed to honour the harvest and other bounties of the previous year. Americans now utilize the day to express appreciation and spend time with their families, friends, and loved ones.
Today, on Wednesday, November 23, the minutes of the FOMC meeting that took place on November 1-2 will be made available. The next important event to watchout for is the FED FOMC meeting on December 13-14 to decide on the rate hikes while the November 2022 CPI data are scheduled to be released on December 13, 2022.
S&P 500, Dow 30, and Nasdaq Composite are still down considerably year-to-date and any reversal will largely depend on how US Fed manages to not only tame inflation but also avoid a hard landing on the economy. Wall Street may have already accounted for the Federal Reserve’s trajectory of interest rate increases. 2023 may be the year where corporate earnings and the economy takes the front seat with inflation and rate hikes being viewed from the side mirror.