Is The US Stock Market Open On Memorial Day? Why The S&P 500 Could End The Year On A High Note

The U.S. stock market will be closed on Monday, May 27, 2024, in observance of Memorial Day.

Observed on the last Monday of May, Memorial Day honors the men and women who have died in military service to the United States.

This holiday marks the unofficial start of summer and is a time for family gatherings, parades, and remembrance ceremonies across the country. As a national holiday, major financial markets, including the New York Stock Exchange (NYSE) and NASDAQ, as well as the U.S. fixed income market close to give market participants a day off.

Regular trading will resume on Tuesday, May 28, 2024.

Upcoming US Stock Market Holidays in 2024

Beyond Memorial Day, here are other key holidays when the U.S. stock market will be closed in 2024:

1. Juneteenth National Independence Day: Wednesday, June 19, 2024.
2. Independence Day: Thursday, July 4, 2024. The market will also close early at 1:00 PM ET on Wednesday, July 3, 2024.
3. Labor Day: Monday, September 2, 2024.
4. Thanksgiving Day: Thursday, Nov. 28, 2024. The market will close early at 1:00 PM ET on Friday, November 29, 2024.
5. Christmas Day: Wednesday, Dec. 25, 2024. The market will also close early at 1:00 PM ET on Tuesday, December 24, 2024

S&P 500’s Promising Start In 2024 And What To Expect Next

The S&P 500, as tracked by the SPDR S&P 500 ETF Trust SPY, has experienced a robust first 100 trading days in 2024, rallying 10.4% year-to-date.

Historically, when the index gains 10% or more in the first 100 days, it tends to continue performing well for the rest of the year, as a Bank of America Securities analysis shows.

This scenario has played out 76% of the time, with an average return of 7.1% and a median return of 9.3%. Based on these statistics, projections suggest the S&P 500 could reach 5640 to 5750 by the end of 2024.

In presidential election years, the market tends to exhibit unique patterns. Historically, the first 100 trading days of such years are weaker, with an average return of -0.9%. However, 2024 has defied this trend, posting a 10.4% gain, the second-best start in an election year since 1928.

When the S&P 500 gains in the first 100 days during an election year, the rest of the year shows strong performance 93% of the time, with an average return of 10.1%.

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