The stock market will be closed on Monday, the first day of the year 2024. New Year’s Day is recognized as a holiday in the United States by the closure of the Nasdaq and the New York Stock Exchange (NYSE). The US stock market will be open for trading with normal hours from Tuesday, January 2, 2024.
New Year’s Day is a federal holiday in the United States, which means that all non-essential federal government agencies, including federal banks and post offices, will be closed. New Year’s Day is also a Federal Reserve Bank Holiday in the United States, therefore, commercial banks and other financial institutions will most likely be closed or have very limited hours.
The first trading day for the US stock market in 2023 was January 3. A wild 2023 for the US stock market has come to a close. Nasdaq 100 and S&P 500 both ended up making strong gains of nearly 54% and 24% respectively.
Of course, but the S&P 500 jumped more than 24% despite bank collapses, recession fears and the highest borrowing costs in decades.
With the Federal Reserve signaling that it’s likely done raising interest rates to tame inflation, markets are increasingly focused on risks beyond monetary policy, such as the outlook for the economy, earnings and the November US presidential election.One key challenge for investors will be assessing thelagging impactof the Fed’s hiking cycle, which has Wall Street strategists split on where stocks are headed next year.
The soft-landing scenario that investors see for next year points to further gains in US stocks. But it also dims the prospect of another stretch of wild outperformance for the technology giants that dominated in 2023.
There’s still a camp of economists predicting the Fed will trigger a recession as it battles inflation. But for now, investors are embracing the soft-landing view, broadening their horizons to smaller tech stocks and other sectors that had been beaten down for much of 2023.
2024 is the election year for the USA. An election year with a sitting president running is historically a bullish scenario for US stocks. Since 1949, the S&P 500 has averaged a gain of nearly 13% in those election years.