By CCN: US stock markets shut their doors on Monday 27 to observe Memorial Day, in honor of the men and women who lost their lives serving their country. Traders will take a much-needed breather as the Dow Jones Industrial Average careens towards the longest…
By CCN: US stock markets shut their doors on Monday 27 to observe Memorial Day, in honor of the men and women who lost their lives serving their country.
Traders will take a much-needed breather as the Dow Jones Industrial Average careens towards the longest weekly losing streak in eight years. Thus far in May, the Dow has shed over 1,000 points (3.9 percent).
The New York Stock Exchange (NYSE) and the Nasdaq are both shut for Memorial Day.
The Dow Jones Industrial Average (DJIA), S&P 500, and Nasdaq Composite indices are closed to trading.
Bond markets are also shut.
What about futures? The CME Group said its futures and options exchanges will be closed for the day. Crude oil, precious metals, commodities and CME bitcoin futures will be offline:
“[We] will not derive or disseminate settlement prices for CME, CBOT, NYMEX or COMEX.”
Government bonds and fixed income securities are likely to be closed too, at the recommendation of the Securities Industry and Financial Markets Association, or Sifma.
International traders should also be aware the London Stock Exchange is closed on Monday to observe UK Spring Bank Holiday.
International stock exchanges are open around the world in Asia and Europe. Japan’s Nikkei index popped 65 points higher in the overnight session (0.31 percent). China’s Shanghai Composite Index surged 42.8 points for 1.5 percent gain.
Currency trading is also open as usual. As of 2.30 am ET, the dollar is flat against the euro, marginally down against the British pound, and up against the yen.
Traders desperate for action while stocks are closed should look no further than bitcoin (bitcoin never sleeps!) As CCN reported on Monday, the bitcoin price shot up 7.4 percent overnight to hit $8,600.
Marking a 132 percent climb since January, volume has increased substantially on the bitcoin markets to power the move upwards. While most analysts cautiously await a healthy retracement, the pullback has yet to come.
The surge puts bitcoin’s market capitalization back over $150 billion, with all the top 50 cryptocurrencies following bitcoin’s move upwards this morning.
While Wall Street takes a day off, it looks like all the action is happening in bitcoin.
This article was edited by Samburaj Das.
Last modified: May 27, 2019 9:13 AM UTC