Memorial Day honors the women and men who have died in service to their country, and the holidays have become an unofficial start to summer, synonymous with backyard barbecues and festive parades.
This year, investors are hoping the holidays also commemorate a growing recovery from a COVID-19 pandemic that has weakened much of the world. Nearly 600,000 Americans have died in the pandemic, but daily case reports drop to their lowest level since March 2020.
Nearly 2 million people passed through airport security checkpoints on Friday, setting a travel record during the time of the pandemic, Washington Post reports.
Memorial Day is certainly about those who put their lives on the line to defend American values, but it can also be seen as a moment of reflection on those who have been lost during the worst pandemic in generations, and those public health workers. . which laid the groundwork for a semblance of a return to normal.
For its part, the stock market is trading near unprecedented highs in this context, but investors are worried about the specter of runaway inflation if the post-COVID economy is too hot.
President Joe Biden unveiled a $ 6 trillion budget on Friday, projecting a $ 1.8 trillion deficit for the next fiscal year as the White House pushes for major spending in areas such as infrastructure and education, as part of the country’s ambitious reconstruction efforts.
See: Life might seem safer this summer, but betting on a calm stock market could still go wrong
“Failure to make these investments at a time when interest costs are so low would be a historic missed opportunity that would leave future generations worse off,” Shalanda Young, director of the office of management and finance, told reporters on Friday. interim budget.
Friday, the Dow Jones Industrial Average DJIA,
posted a weekly gain of 0.9%, up 1.9% in May, marking its fourth consecutive monthly gain. The S&P 500 SPX,
closed up 1.2% on the week and posted a 0.6% gain in May, for its fourth consecutive monthly advance. The Nasdaq COMP composite index,
had a weekly gain of 2.1%, but a decline of 1.5% in May.
The Nasdaq Exchange, operated by Nasdaq Inc. NDAQ,
and the New York Stock Exchange, owned by Intercontinental Exchange Inc. ICE,
will be closed on Monday.
The Securities Industry and Financial Markets Association, a trading group in the brokerage industry that sets procedures for the bond market, also advises bond brokers to close Memorial Day and the bond market closed an hour earlier on Friday. The benchmark 10-year Treasury bill TMUBMUSD10Y,
was 1.592% on the weekend, down 4 basis points in May.
Regular trading of US oil on the New York Mercantile Exchange will also be closed on Monday, with the Organization of the Petroleum Exporting Countries and its allies scheduled to meet on Tuesday; and metals on Comex, including GC00 gold,
will not see cash settlement in respect of Memorial Day.
Meanwhile, it is also a public holiday in the UK, on the London Stock Exchange, and in particular at the FTSE 100 UKX,
Other European exchanges, including the Stoxx Europe 600 SXXP,
however, will be open.
In Asian trade on Monday, the Japanese Nikkei 225 NIK,
and Kospi 180721 from South Korea,
were trading slightly lower.
Cryptocurrencies, including bitcoin BTCUSD,
and dogecoin DOGEUSD,
trade 24 hours a day and will remain open, as is customary.
See: Bitcoin is heading for its worst month since 2011; ‘Rich Dad, Poor Dad’ author says it’s ‘good news’