You’re staring at your trading terminal or checking your Robinhood account, wondering why the candles aren't moving. Or maybe you're planning a massive move for Monday and realized there’s a holiday on the calendar. Honestly, the confusion is understandable because the financial world doesn't always play by the same rules as the post office or your local bank.
So, let's get right to it. Is the stock market closed on Veterans Day? No.
The New York Stock Exchange (NYSE) and the Nasdaq remain wide open for business. If you want to buy 100 shares of Nvidia or dump a lagging ETF on November 11th, you can do that just like any other Tuesday. It feels weird, right? Most federal holidays—think Christmas, July 4th, or Labor Day—see the exchange floors go dark. But Veterans Day is one of those "split" holidays where the equity markets and the bond markets go their separate ways.
The big disconnect: Stocks vs. Bonds
This is where people get tripped up. While you can trade stocks all day long, the bond market is closed on Veterans Day.
Why does this matter? Because the bond market is basically the plumbing of the global financial system. Since Veterans Day is a federal holiday, the Securities Industry and Financial Markets Association (SIFMA) recommends a full market close for fixed-income securities. This includes Treasury bonds, corporate bonds, and municipal bonds.
Think about the ripple effect. If you're a day trader, you might notice that volume feels a little... thin. That’s because many institutional players and bank-backed desks are running on skeleton crews. Without the Treasury market open to set the tone for interest rates, the equity market can sometimes feel like it's spinning its wheels in a vacuum. It’s a strange, quiet day on the floor.
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The Federal Reserve also shuts its doors. This means no wire transfers through the FedLine system. If you’re waiting on a settlement or a bank transfer to clear so you can trade, you might be waiting until the 12th. Banks are closed. The Fed is closed. The bond guys are golfing. But the stock tickers keep scrolling.
Why the NYSE stays open when everyone else is off
You might wonder why the NYSE doesn't just take the day off.
It’s historical, mostly. The stock exchange has a very specific list of holidays it observes, and it rarely deviates unless there’s a national emergency. In the past, the market used to stay open for even more holidays than it does now. Over time, the list was whittled down to the "big nine": New Year’s Day, MLK Jr. Day, Washington’s Birthday, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas.
Veterans Day didn't make the cut.
Neither did Columbus Day (or Indigenous Peoples' Day). On both of those days, you’ll find the same weird scenario: stocks are trading, but the banks and bond markets are asleep. It creates a "half-speed" environment. You’ve probably noticed that on these days, the news cycle is slower. There are fewer earnings reports. CEOs don't usually schedule big press conferences when the banks are closed.
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What this means for your Portfolio
If you're managing your own money, trading on a day when the stock market is open but banks are closed requires a bit of tactical thinking.
First, liquidity can be an issue. Liquidity is just a fancy way of saying "how many people are buying and selling." When liquidity is low, the "bid-ask spread"—the gap between what a seller wants and what a buyer offers—can widen. You might end up paying a few cents more per share than you intended, or selling for a few cents less. For a long-term investor, this is noise. For a scalper or high-frequency trader, it’s a headache.
Second, watch out for volatility spikes. Because there’s less volume, a single large trade can move a stock more than it would on a high-volume Friday. It’s like throwing a rock into a backyard pool versus throwing it into Lake Michigan. The splash is much more noticeable in the smaller pool.
Real-world examples of the "Holiday Slump"
I remember a few years back, everyone was waiting on a specific inflation data point that usually correlates with Treasury yields. Because it was Veterans Day, the Treasury market was closed. The S&P 500 basically flatlined for six hours. It was the most boring trading day of the year.
But then, out of nowhere, some mid-cap tech news broke. Because there weren't many traders at their desks to absorb the shock, the stock swung 12% in twenty minutes. That is the "Veterans Day trap." It’s quiet until it isn't, and when it isn't, the moves are exaggerated.
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A quick checklist for November 11th
To keep your head straight when the holiday rolls around, keep these specific points in your notes:
- NYSE and NASDAQ: Open. Regular hours (9:30 AM to 4:00 PM ET).
- Bond Markets: Closed. No Treasury trading.
- Commercial Banks: Closed. (No, you can't go into the branch to dispute a charge).
- International Markets: Generally open. London, Tokyo, and Hong Kong don't stop for U.S. Veterans Day.
- Settlement Dates: Because banks are closed, the "T+1" (Trade date plus one day) settlement cycle might be pushed back. If you sell a stock on Monday (Veterans Day), the cash might not be "settled" and ready for withdrawal as fast as you're used to.
The "Post-Holiday" Rebound
Often, the day after Veterans Day is much more interesting than the day itself. Once the bond market reopens on November 12th, there’s usually a "catch-up" period. Investors react to whatever happened in the stock market the day before, and the bond yields adjust to compensate. This is often where you see the real price discovery happen.
If you're a conservative investor, sometimes the best move is to just stay on the sidelines. Let the skeleton crews play with the algorithms. You’ve got nothing to gain by fighting low-liquidity volatility.
Actionable steps for traders
Instead of just staring at the screen, use the unique structure of this day to your advantage.
- Check your transfers early. If you need to move money from a savings account to a brokerage account, do it on November 9th or 10th. If you wait until the 11th, the ACH system will be sitting idle, and your funds won't hit until at least the 12th or 13th.
- Use Limit Orders. Never use "Market Orders" on low-volume holidays. A limit order ensures you only buy or sell at the price you actually want. It protects you from those weird "flash" price gaps that happen when fewer people are trading.
- Watch the Currency Markets. Even though U.S. banks are closed, the Forex (Foreign Exchange) market stays open. Since the dollar is the global reserve currency, you can sometimes see clues about market sentiment by watching how the USD is performing against the Euro or Yen while the U.S. fixed-income markets are shut.
- Audit your Dividend Reinvestments. If you have dividends scheduled to pay out on the 11th, don't be surprised if they don't show up in your "available cash" balance until the next business day. The automated systems still rely on banking rails that are paused for the holiday.
Ultimately, Veterans Day is a reminder of the weird, fragmented nature of our financial systems. We think of "the market" as one big machine, but it’s actually a collection of different gears—stocks, bonds, currencies, and banks—that don't always turn at the same time. Knowing which gears are paused helps you avoid getting your gears ground.
Plan your trades for the 11th with the understanding that the "smart money" in the bond pits is taking a breather. If the action seems slow, it’s because it is. If the moves seem erratic, it’s because the guardrails of high volume are missing. Treat it like a normal trading day at your own peril, but for most people, it's just another Monday on Wall Street.