US Market Holiday: The US market holidays vary from holiday to holiday, and are not necessarily closed on every special occasion that is celebrated in the country. There are major US market holidays such as New Year's Day, Memorial Day, or July 4th Independence Day. Does that mean, the US market will be closed on the upcoming occasion of Halloween which is scheduled for later this week? What is the outlook for Dow Jones, S&P 500 and Nasdaq Composite?
US Market Last Week:
Dow Jones is currently at 42,114.40. The overall weekly performance between October 21-25, the Dow Jones Industrial Average (DJIA) dipped by 1,107.81 points or 2.56%.
S&P 500 closed last week's session at 5,808.12. The index's weekly performance was down by 49.70 points or 0.85%.
The Nasdaq Composite index closed at 18,518.60, and its weekly performance was in green, outperforming its counterparts, the DJIA and S&P 500 index. The tech-heavy Nasdaq gained by 62.12 points or 0.34% from October 21-25.
Is the US Market Closed On Halloween Day?
Every year, Halloween is celebrated on October 31.
The Origin Of Halloween? Halloween is thought to have influences from Christian beliefs and practices. The English word 'Halloween' comes from "All Hallows' Eve", being the evening before the Christian holy days of All Hallows' Day (All Saints' Day) on 1 November and All Souls' Day on 2 November.[48] Since the time of the early Church, major feasts in Christianity (such as Christmas, Easter and Pentecost) had vigils that began the night before, as did the feast of All Hallows'. These three days are collectively called Allhallowtide and are a time when Western Christians honour all saints and pray for recently departed souls who have yet to reach Heaven, as per Wikipedia.
However, Halloween is among those occasions which brings festive cheer, however, is not a market holiday in the United States. That being said, US market will be opened for trading on October 31 of this year.
US Market Outlook For October 28-November 1:
Nate Peterson is Director of Derivatives Analysis at Charles Schwab in his weekly note said, "Next week five mega-cap tech companies will be reporting earnings, so the potential for intra-week volatility is there. Another market moving force has been the recent swift rise in bond yields. If yields continue to move higher next week this could generate selling pressure, regardless of mega-cap tech earnings. And let's not forget about the monthly jobs report on Friday which usually translates into a larger than average daily move."
Peterson's note added, " I don't know where yields are going next week, and I'm not sure whether mega-cap tech will deliver on results, but I do think some pre-election selling late next week is a possibility, along with higher volatility. Therefore, my overall forecast for next week is "slightly bearish and volatile."
Big Events Next Week:
October 28, Monday: No Reports
October 29, Tuesday: Consumer Confidence, FHFA Housing Price Index, S&P Case-Shiller Home Price Index
October 30, Wednesday: ADP Employment Change, Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, EIA Crude Oil Inventories, Q3 GDP - Advanced, MBA Mortgage Applications Index, Pending Home Sales
October 31, Thursday: Continuing Claims, EIA Natural Gas Inventories, Employment Cost Index, Initial Claims, PCE Prices, Personal Income, Personal Spending
November 1, Friday: Nonfarm Payrolls, Average Workweek, Average Hourly Earnings, Unemployment Rate, ISM Manufacturing Index
Big Earnings To Watch Out Next Week Are:
ON Semiconductor (ON), CenterPoint Energy (CNP), Ford Motor Co. (F), Novartis (NVS), McDonald's Corp. (MCD), Pfizer (PFE), American Tower Corp. (AMT), BP PLC (BP), PayPal Holdings (PYPL), D.R. Horton (DHI), Alphabet (GOOGL), Visa (V), Advanced Micro Devices (AMD), Stryker Corp. (SYK), Chubb Ltd. (CB), Chipotle Mexican Grill (CMG), Microsoft Corp. (MSFT), Meta Platforms (META), Amgen (AMGN), Booking Holdings (BKNG), Starbucks (SBUX), KLA Corp. (KLAC), Aflac (AFL), Matercard Inc. (MA), Merck & Co. (MRK), Line PLC (LIN), Uber Technologies (UBER), Eaton Corp. (ETN), ConocoPhillips (COP), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Intel corp. (INTC), Atlassian Corp. (TEAM), Exxon Mobil Corp. (XOM), and Chevron Corp.
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