You’re standing there, coffee in hand, staring at a frozen ticker on your phone. It’s November 11th. You might be wondering if your app is glitching or if the world of finance just decided to sleep in. Veterans Day is one of those weird "in-between" holidays in the United States. The mail doesn't come. The DMV is locked up tight. Most banks are ghost towns. But when it comes to the stock market open on Veterans Day, the rules get a little bit quirky.
The short answer? Yes. The New York Stock Exchange (NYSE) and the Nasdaq are almost always open for business on Veterans Day.
It feels counterintuitive. If the bond market is closed and the banks are shuttered, why are traders still screaming at screens in Lower Manhattan? It comes down to the specific holiday schedule set by the Intercontinental Exchange (ICE) and Nasdaq Inc. Unlike Christmas or Thanksgiving, Veterans Day isn't on their "closures" list.
Why the stock market stays open when banks close
The disconnect between the equity markets and the banking system creates a strange trading environment. On Veterans Day, the "plumbing" of the financial world—the bond market—is actually turned off. SIFMA (the Securities Industry and Financial Markets Association) recommends a full market close for fixed-income securities. This means if you're trying to trade Treasury bonds or corporate debt, you're out of luck.
Equity traders, however, are still at their desks.
This creates a liquidity vacuum. Since banks are closed, the settlement of trades (the actual movement of cash for shares) gets pushed back. Usually, we operate on a T+1 settlement cycle. If you buy Apple stock on a Monday, the money and shares officially swap hands the next day. But because Veterans Day is a federal bank holiday, that settlement clock pauses. It’s a logistical headache for back-office workers, but for the average retail investor, it just looks like a normal, albeit very quiet, day of trading.
Historically, volume on these "split" holidays is abysmal. Without the big institutional banks moving massive blocks of capital, the price action can be choppy. Or, more often, it’s just flat. You’ll see the S&P 500 move a fraction of a percent over eight hours because nobody is around to push the needle.
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The Federal Reserve vs. The Big Board
To understand the stock market open on Veterans Day nuances, you have to look at who calls the shots. The Federal Reserve observes Veterans Day as a standard federal holiday. This is why your local Chase or Bank of America branch has the "Closed" sign up.
The NYSE has its own internal logic.
They stay open to ensure global competitiveness. If the U.S. markets closed every time there was a federal holiday, we’d lose significant trading days compared to London, Tokyo, or Hong Kong. The exchange leadership prefers to keep the lights on unless it's a "major" holiday like Labor Day or Independence Day.
Interestingly, there was a time decades ago when the exchanges were more aligned with federal holidays, but that shifted as the markets became more globalized and electronic. Now, the floor of the NYSE might look a bit sparse on November 11th, but the servers in New Jersey are hummin' along just fine.
What happens to your money on Veterans Day?
If you decide to execute a trade, you need to be aware of "slippage." Because there are fewer buyers and sellers, the "spread"—the difference between what someone wants to pay and what someone wants to sell for—can widen.
- Retail Orders: Your market order might get filled at a slightly worse price than you expected.
- Volitility: Sometimes, a single large trade can move a stock more than usual because there isn't enough "depth" in the order book to absorb it.
- Option Expirations: If Veterans Day falls near a Friday, the lack of volume can make exiting a position tricky.
I’ve seen days where a mid-cap tech stock jumps 2% on zero news just because one frustrated hedge fund intern had to fill an order and there was no one on the other side to keep the price honest. It’s a bit like trying to buy a car at a dealership when only one salesperson is working; you’re probably not getting the best deal, and everything takes longer.
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Comparing Veterans Day to other "half-holidays"
We see a similar pattern on Good Friday or Columbus Day (Indigenous Peoples' Day). On Good Friday, the stock market is actually closed, but many banks remain open. It's the inverse of Veterans Day.
Then you have the day after Thanksgiving (Black Friday) and Christmas Eve. On those days, the market is open but closes early, usually at 1:00 PM ET. Veterans Day doesn't even get the courtesy of an early close. It’s a full 9:30 AM to 4:00 PM session.
Check out how these holidays stack up:
On New Year's Day, everything is closed. Total blackout.
On Presidents Day, the market is closed, banks are closed.
On Juneteenth, the market is closed (this is a newer addition to the NYSE schedule as of 2022).
But on Veterans Day, the stock market stays open while the bond market sleeps.
It’s an outlier.
Does it matter for your long-term portfolio?
Honestly? Probably not. If you’re a long-term investor holding index funds or blue-chip stocks for the next twenty years, a low-volume Tuesday in November is a blip. It's a non-event.
However, if you are a day trader or someone who manages their own options, the stock market open on Veterans Day status is a warning sign. You’re playing in a pool with less water. It’s easier to hit the bottom.
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Many professional traders actually take the day off. They know that trying to find "alpha" (market-beating returns) on a day when the "Big Money" is golfing or spending time with family is a fool's errand. The signals are noisier. The trends are less reliable.
Actionable steps for the next Veterans Day
If you're planning to navigate the markets during this holiday, don't just wing it.
First, double-check your bank transfer status. If you need to move money from your savings account into your brokerage to make a buy, do it at least two days before November 11th. Since banks are closed, that ACH transfer will likely sit in limbo until the following business day. You don't want to see a "generational buying opportunity" and have $0 in your settled cash account.
Second, use limit orders. This is the golden rule for low-volume days. Never, ever use a market order when liquidity is thin. By setting a limit order, you dictate the maximum price you’re willing to pay. If the market gets weird and spreads widen, you’re protected. Your trade just won't execute if the price isn't right.
Third, watch the bond yields from the previous day. Since the bond market is closed on Veterans Day, the 10-year Treasury yield will be frozen. However, equity traders will still be reacting to whatever happened in the bond world on November 10th. If there was a massive spike in rates the day before, the stock market might spend all of Veterans Day "digesting" that move without the ability to see live bond updates.
Lastly, give some thought to the actual day. Veterans Day is meant to honor those who served. If the markets are sideways and nothing is happening—which is usually the case—it’s probably a better use of time to step away from the glowing red and green numbers. The market will still be there tomorrow. And tomorrow, the banks will be open, the bond traders will be back, and the "real" price discovery will resume.
Focus on the following for the most efficient experience:
- Verify your brokerage's specific policy, though 99% follow the NYSE/Nasdaq lead.
- Avoid trading "penny stocks" or low-cap equities on this day; the low liquidity makes them dangerously volatile.
- If you're an employer, remember that while you can trade, your payroll and wire transfers won't process until the Fed resumes operations.
- Use the quiet hours to do deep-dive research rather than active trading. It's a great time to read annual reports (10-Ks) without the distraction of a flickering price chart.
The market’s persistence on this holiday is a testament to the "always-on" nature of modern capitalism. It doesn't always make sense, and it certainly doesn't make for an exciting trading day, but the doors are open. Just don't expect a lot of company on the trading floor.