NYSE & NASDAQ Holiday Schedule 2025: Market Closures and Early Closes
Knowing when U.S. stock markets are closed or closing early isn't just about planning your trading schedule鈥攊t's about understanding how holidays affect liquidity, volatility, settlement dates, and global market coordination. With markets closed nine days annually and early closes on three additional days, these disruptions create both challenges and opportunities for prepared traders.
Table of Contents
- 2025 Complete Holiday Calendar
- Early Close Days Explained
- Holiday Trading Patterns
- Settlement and Options Impact
- International Market Coordination
- Extended Hours on Holiday Weeks
- Holiday Volatility Analysis
- Holiday Trading Strategies
- Historical Holiday Performance
- Holiday Impact Calculator
- Frequently Asked Questions

2025 Complete Holiday Calendar
The NYSE and NASDAQ follow identical holiday schedules, closing for nine federal holidays and observing early closes before three major holidays. Here's your complete 2025 trading calendar:
Holiday | Date 2025 | Day | Market Status | Settlement Notes |
---|---|---|---|---|
New Year's Day | January 1 | Wednesday | Closed | T+1 extends to Thursday |
Martin Luther King Jr. Day | January 20 | Monday | Closed | Friday trades settle Tuesday |
Presidents' Day | February 17 | Monday | Closed | Friday trades settle Tuesday |
Good Friday | April 18 | Friday | Closed | Thursday trades settle Monday |
Memorial Day | May 26 | Monday | Closed | Friday trades settle Tuesday |
Juneteenth | June 19 | Thursday | Closed | Wednesday trades settle Friday |
Day Before Independence Day | July 3 | Thursday | Early Close 1:00 PM ET | Normal T+1 |
Independence Day | July 4 | Friday | Closed | Thursday trades settle Monday |
Labor Day | September 1 | Monday | Closed | Friday trades settle Tuesday |
Day After Thanksgiving | November 28 | Friday | Early Close 1:00 PM ET | Normal T+1 (Monday) |
Thanksgiving Day | November 27 | Thursday | Closed | Wednesday trades settle Friday |
Christmas Eve | December 24 | Wednesday | Early Close 1:00 PM ET | Normal T+1 |
Christmas Day | December 25 | Thursday | Closed | Wednesday trades settle Friday |
Important: When a holiday falls on a weekend, the market closure shifts to the nearest weekday. If July 4th falls on Saturday, markets close Friday July 3rd. If it falls on Sunday, markets close Monday July 5th. This rule applies to all holidays except Good Friday, which always falls on Friday.
Early Close Days Explained
Early close days end regular trading at 1:00 PM ET instead of 4:00 PM ET鈥攁 tradition dating back to when floor traders needed time to travel for holiday weekends. What many traders don't realize is how these abbreviated sessions affect market dynamics.
Early Close Session Structure
Session | Normal Day | Early Close Day | Key Differences |
---|---|---|---|
Pre-Market | 4:00 AM - 9:30 AM | 4:00 AM - 9:30 AM | No change |
Regular Trading | 9:30 AM - 4:00 PM | 9:30 AM - 1:00 PM | 3.5 hours vs 6.5 hours |
After-Hours | 4:00 PM - 8:00 PM | 1:00 PM - 5:00 PM* | Often reduced or unavailable |
Options Trading | 9:30 AM - 4:00 PM | 9:30 AM - 1:00 PM | Ends with equity close |
Bond Market | 8:00 AM - 5:00 PM | 8:00 AM - 2:00 PM | Recommended close |
*After-hours availability varies by broker on early close days. Many disable extended trading entirely.
Note: The compressed trading window on early close days typically sees 40-50% of normal daily volume crammed into 54% of the time. This creates unique liquidity patterns, with the final 30 minutes (12:30-1:00 PM) often matching the intensity of a normal closing hour.
Holiday Trading Patterns
Markets exhibit predictable patterns around holidays that experienced traders exploit. Understanding these patterns helps you navigate the changed dynamics.
Pre-Holiday Trading Characteristics
The day before a holiday closure typically shows:
- Reduced Volume: 30-50% below average as institutional traders leave early
- Lower Volatility: Except during quadruple witching or earnings season
- Afternoon Drift: Directional movement often stalls after lunch
- Window Dressing: Quarter-end holidays see position adjustments
- Short Covering: Traders reduce exposure before long weekends
Post-Holiday Patterns
What I've noticed in my years watching the markets is that post-holiday sessions follow distinct patterns based on the length of the break:
The Tuesday Effect:
When markets reopen Tuesday after a Monday holiday, we often see: - Higher opening volatility as traders react to weekend news - Volume surge in the first hour exceeding typical Tuesday levels by 20-30% - Reversal of Friday's late-day movements by 11:00 AM - This pattern is especially pronounced after Memorial Day and Labor Day
Settlement and Options Impact
Holidays complicate the settlement cycle, affecting when trades clear and funds become available. With T+1 settlement now standard (as of May 28, 2024), understanding these impacts is crucial.
Settlement Date Adjustments
Holiday Settlement Calculation
Standard Rule: Trade Date + 1 Business Day = Settlement Holiday Adjustment: IF Settlement Date = Holiday THEN Settlement Date = Next Business Day Examples: 鈥� Trade Thursday before Good Friday 鈫� Settles Monday 鈥� Trade Wednesday before Thanksgiving 鈫� Settles Friday 鈥� Trade Friday before Monday holiday 鈫� Settles Tuesday
Options Expiration Considerations
Monthly options expiring during holiday weeks face unique challenges:
- Expiration Unchanged: Options still expire on Friday even if markets close
- Exercise Deadline: Usually 5:30 PM ET on expiration day
- Assignment Risk: Increases with extended settlement periods
- Liquidity Issues: Wider spreads on Thursday before Good Friday
- Early Exercise: More common before long weekends for dividend capture
Warning: Options expiring when Friday markets are closed (like Good Friday) can still be exercised. The OCC processes exercises even when markets don't trade. Monitor positions carefully and close or roll before Thursday's close if you want to avoid assignment risk.
International Market Coordination
U.S. holidays create ripple effects globally, especially when they don't align with international calendars.
Global Holiday Mismatches
U.S. Holiday | Europe Status | Asia Status | Trading Impact |
---|---|---|---|
Thanksgiving | Open (Normal) | Open (Normal) | Reduced USD liquidity |
Independence Day | Open (Normal) | Open (Normal) | Forex volatility |
MLK Day | Open (Normal) | Open (Normal) | ADR price gaps |
Good Friday | Closed (Most) | Closed (Hong Kong) | Global low liquidity |
Christmas | Closed | Closed (Most) | Minimal global activity |
For understanding how time zones affect coordination during holidays, especially with daylight saving transitions, see our guide to DST effects on trading.
Extended Hours on Holiday Weeks
Extended hours trading during holiday weeks operates differently than normal weeks. Understanding these changes prevents costly surprises.
Pre-Market and After-Hours Modifications
Most brokers modify or eliminate extended hours around holidays:
- Before Holiday: After-hours often ends early (6:00 PM instead of 8:00 PM)
- Holiday Day: No pre-market or after-hours trading
- After Holiday: Pre-market may start later (7:00 AM instead of 4:00 AM)
- Early Close Days: Limited or no after-hours following 1:00 PM close
Learn more about extended hours trading in our comprehensive pre-market and after-hours guide.
Holiday Volatility Analysis
Volatility patterns around holidays are surprisingly predictable, offering opportunities for prepared traders.
Historical Volatility by Holiday
Holiday Period | Typical VIX Level | vs. Annual Average | Pattern |
---|---|---|---|
Week Before Christmas | 14-16 | -20% | Lowest of year |
Thanksgiving Week | 15-17 | -15% | Compression |
July 4th Week | 16-18 | -10% | Summer doldrums |
Memorial Day Week | 18-20 | Average | Transitional |
Labor Day Week | 19-22 | +10% | September anxiety |
MLK Day Week | 20-23 | +15% | Earnings season |
Still with me? Great, because this next part is crucial: the "holiday effect" on volatility is so consistent that options traders adjust strategies weeks in advance. December volatility compression is priced into options by November, creating opportunities in volatility trades rather than directional bets.
Holiday Trading Strategies
Successful holiday trading requires adapted strategies that account for changed market dynamics.
1. Pre-Holiday Positioning
Pro Tip: The "Wednesday before Thanksgiving" trade has shown remarkable consistency. Markets often rally into the Wednesday close as funds position for the holiday retail sales period. Since 2000, this day has closed positive 73% of the time, with an average gain of 0.4%.
2. Holiday Reversion Strategy
Extended weekends create overreaction opportunities:
- Identify stocks with >2% moves on light volume before holidays
- Enter contrarian positions in the final hour
- Hold through the holiday
- Exit Tuesday morning as volume returns
- Works best with liquid large-caps showing technical extremes
3. Volatility Compression Trades
The predictable volatility decline into certain holidays creates options opportunities:
- Thanksgiving Week: Short volatility strategies as VIX typically drops
- Christmas Week: Iron condors benefit from range-bound movement
- Summer Holidays: Calendar spreads exploit time decay acceleration
Historical Holiday Performance
Markets show measurable tendencies around specific holidays, though past performance never guarantees future results.
S&P 500 Holiday Period Returns (2010-2024 Average)
Period | Average Return | Positive % | Best Sector | Worst Sector |
---|---|---|---|---|
Day Before Holiday | +0.23% | 62% | Consumer Disc. | Utilities |
Day After Holiday | +0.09% | 54% | Technology | Energy |
Santa Claus Rally* | +1.33% | 79% | Technology | Utilities |
Thanksgiving Week | +0.68% | 71% | Consumer Disc. | Materials |
First Trading Day of Year | +0.12% | 58% | Financials | Healthcare |
*Santa Claus Rally: Last 5 trading days of the year plus first 2 of the new year
Holiday Impact Calculator
Settlement Date Calculator
Frequently Asked Questions
Are stock markets open on Columbus Day and Veterans Day?
Yes, U.S. stock markets remain open on Columbus Day, Veterans Day, and Election Day. These are federal holidays but not market holidays. Bond markets typically close on Columbus Day and Veterans Day, creating potential liquidity differences in fixed-income related securities.
Do futures markets close for the same holidays as stocks?
No, futures markets have different holiday schedules. CME futures often remain open on some stock market holidays with modified hours. For example, S&P 500 futures trade on Columbus Day when stock markets are open but bond markets are closed. Futures typically halt for Good Friday and Christmas.
How do early closes affect my stop-loss orders?
Stop-loss orders remain active until the market closes, whether that's 1:00 PM on early close days or 4:00 PM on normal days. Orders not triggered by market close are cancelled. GTC (Good Till Cancelled) orders resume the next trading day. Be aware that lower liquidity near early closes can trigger stops more easily.
Can I trade international stocks when U.S. markets are closed?
You cannot trade U.S.-listed ADRs when U.S. markets are closed, but you may be able to trade foreign stocks on their home exchanges through brokers offering international access. European and Asian markets often remain open during U.S. holidays, except for globally observed holidays like Christmas and New Year's Day.
Do dividends get paid on market holidays?
Dividends scheduled for payment on a market holiday are typically paid on the next business day. The ex-dividend date, record date, and payment date all adjust around holidays. If you own stock before the ex-dividend date (accounting for settlement), you'll receive the dividend regardless of holiday scheduling.
How do holidays affect options expiration?
Options still expire on their designated expiration date even if markets are closed. Friday expirations when markets close (like Good Friday) can be exercised through your broker until the cutoff time (usually 5:30 PM ET). Monthly options expiring during holiday weeks often see increased early exercise activity.
For complete information about regular trading hours and how they interact with holiday schedules, visit our comprehensive U.S. market hours guide.
Pro Tip: Create a personal holiday trading calendar at the start of each year. Mark not just the closure dates, but the days before and after holidays. These transition days often offer the best opportunities鈥攍ower competition from institutional traders but sufficient liquidity for clean execution. The sweet spot? Two days before long weekends when funds begin rotating but retail interest remains.
Disclaimer: This article is for educational purposes only and should not be considered investment advice. Holiday trading patterns are based on historical observations and don't guarantee future results. Market conditions can change rapidly around holidays. Always conduct your own research and consider consulting with qualified financial advisors before making trading decisions.