Memorial Day is a federal holiday in the United States, designated as the official mourning day to honour the U.S. armed forces personnel martyred while serving the nation. It has been observed every year on the last Monday of May since 1970, before which it was observed on May 30. Memorial Day is also widely considered the start of summer, the travelling season for millions of Americans.
Last Friday, ahead of the long weekend, U.S. stocks experienced a broad rally, with all three major averages closing in greens. The Dow Jones Averages saw an increase of 575.75 (+1.76%) points, S&P 500 bumped up by 100.40 points (+2.47%), and the NASDAQ Composite Index grew by 390.48 points (+3.33%). The S&P 500 registered its biggest weekly gain since November 2020, climbing up 6.6% during the last week.
The New York Stock Exchange and Nasdaq will resume trading on Tuesday at 9:30 am ET. The U.S. bond market that shut at 2:00 pm ET on Friday will also resume trading on Tuesday. The Memorial Day weekend also impacted the air travel, as hundreds of flights were cancelled due to staffing and weather issues. Per reports, over 400 domestic and international flights were cancelled till Saturday afternoon.
The stock markets in the U.S. and across the globe have suffered shocks throughout 2022. However, recent data suggested that inflation is slowing down, pushing the price pressure to its peak. Further, the traders will also be looking forward to the upcoming labour-related reports that will impact businesses across the country.
Disclaimer: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.