NYSE & NASDAQ Holiday Schedule 2025: Market Closures and Early Closes
Understanding when U.S. stock markets are closed or closing early helps you plan your trading schedule and understand how holidays affect liquidity, volatility, settlement dates, and global market coordination. Markets close nine days annually and observe early closes on three additional days, creating unique market conditions that traders should be aware of.
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
- Trading Considerations During Holidays
- Historical Market Observations
- 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 the 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—a tradition dating back to when floor traders needed time to travel for holiday weekends. These abbreviated sessions affect market dynamics in various ways.
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 reduced daily volume compared to regular trading days. This creates unique liquidity patterns, with the final 30 minutes (12:30-1:00 PM) often experiencing increased activity similar to a normal closing hour.
Holiday Trading Patterns
Markets exhibit observable patterns around holidays. Understanding these patterns helps you navigate the changed dynamics.
Pre-Holiday Trading Characteristics
The day before a holiday closure typically shows:
- Reduced Volume: Often lower than average as institutional traders may leave early
- Variable Volatility: Can be lower or higher depending on market conditions and earnings season
- Afternoon Drift: Directional movement may stall after lunch
- Window Dressing: Quarter-end holidays may see position adjustments
- Position Adjustments: Traders may reduce exposure before long weekends
Post-Holiday Patterns
Post-holiday sessions often follow patterns based on the length of the break:
The Tuesday Effect:
When markets reopen Tuesday after a Monday holiday, common observations include: - Potentially higher opening volatility as traders react to weekend news - Volume surge in the first hour that may exceed typical Tuesday levels - Possible reversal of Friday's late-day movements - This pattern may be more 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:
• Trade Thursday before Good Friday → Settles Monday
• Trade Wednesday before Thanksgiving → Settles Friday
• Trade Friday before Monday holiday → Settles Tuesday
Options Expiration Considerations
Monthly options expiring during holiday weeks face unique considerations:
- Expiration Unchanged: Options still expire on Friday even if markets close
- Exercise Deadline: Usually 5:30 PM ET on expiration day
- Assignment Risk: May increase with extended settlement periods
- Liquidity Considerations: Spreads may widen on Thursday before Good Friday
- Early Exercise: May be 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 consider your risk management approach before Thursday's close.
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 |
Extended Hours on Holiday Weeks
Extended hours trading during holiday weeks operates differently than normal weeks. Understanding these changes helps avoid surprises.
Pre-Market and After-Hours Modifications
Many brokers modify or eliminate extended hours around holidays:
- Before Holiday: After-hours may end 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
Holiday Volatility Analysis
Volatility patterns around holidays can show recognizable patterns that traders observe.
Historical Volatility Observations
| Holiday Period | Common VIX Range | Relative Level | Pattern |
|---|---|---|---|
| Week Before Christmas | Often lower | Below average | Typically lowest of year |
| Thanksgiving Week | Often lower | Below average | Compression common |
| July 4th Week | Variable | Below average | Summer patterns |
| Memorial Day Week | Variable | Near average | Transitional |
| Labor Day Week | Variable | Above average | September volatility |
| MLK Day Week | Variable | Above average | Earnings season |
The volatility patterns around holidays are often consistent enough that options traders may adjust their approaches weeks in advance. December volatility compression is often anticipated in options pricing by November.
Trading Considerations During Holidays
Holiday trading requires adapted approaches that account for changed market dynamics.
1. Pre-Holiday Positioning
Note: The Wednesday before Thanksgiving has historically shown interesting patterns. Markets have exhibited various behaviors on this day, with some years showing positive movement and others showing negative movement. Past patterns do not predict future results.
2. Holiday Period Observations
Extended weekends can create unique market conditions:
- Stocks may show larger movements on lighter volume before holidays
- Volume often returns on the Tuesday after a Monday holiday
- Large-cap stocks may show different patterns than small-caps
- Technical indicators may behave differently during holiday periods
3. Volatility Considerations
The observable volatility patterns around certain holidays may influence options pricing:
- Thanksgiving Week: Volatility often decreases
- Christmas Week: Markets may show range-bound movement
- Summer Holidays: Time decay in options may accelerate
Historical Market Observations
Markets have shown various tendencies around specific holidays, though past performance never guarantees future results and should not be used as a basis for trading decisions.
Common Market Observations Around Holidays
| Period | Historical Pattern | Common Observation | Active Sectors |
|---|---|---|---|
| Day Before Holiday | Variable | Mixed results | Consumer, Technology |
| Day After Holiday | Variable | Mixed results | Technology, Financials |
| End of Year Period* | Often positive | Common rally pattern | Technology, Consumer |
| Thanksgiving Week | Often positive | Historical tendency | Consumer, Retail |
| First Trading Day of Year | Variable | Mixed results | Financials, Technology |
*End of year period: Last 5 trading days of the year plus first 2 of the new year, sometimes referred to as a seasonal rally
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 may affect order execution.
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 may see increased early exercise activity.
Tip: Consider creating 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 show unique market dynamics worth observing.
Disclaimer: This article is for educational purposes only and should not be considered investment advice. Historical patterns and observations do not 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.