The U.S. bond market is closed on Wednesday, Nov. 11. The stock market is open. The bond close follows a SIFMA recommendation. The stock schedule follows the exchanges.
What SIFMA recommended
The Securities Industry and Financial Markets Association confirmed its recommendation on Oct. 28, according to its press release. It called for a full close of U.S. dollar-denominated fixed-income trading on Nov. 11. The recommendation applies in the United States, Britain and Japan.
It covers U.S. government securities. It covers mortgage- and asset-backed securities. It covers over-the-counter investment-grade and high-yield corporate bonds and municipal bonds. It also covers secondary money market trading in bankers' acceptances, commercial paper, and Yankee and Euro CDs.
It is a recommendation. Each member firm decides whether its fixed-income desks stay open. SIFMA says the schedule is subject to change.
Why stocks trade
Stock exchanges keep their own calendar. The New York Stock Exchange and Nasdaq open at 9:30 a.m. ET and close at 4 p.m. on Wednesday, the Economic Times reported. Veterans Day is a federal holiday. It is not an equity-market holiday.
Veterans Day honors those who served in the armed forces. Memorial Day honors those who died, Investopedia noted.
What else is closed
Most bank branches are closed. Veterans Day is on the Federal Reserve's holiday calendar. ATMs and mobile banking work. Transactions that need Federal Reserve processing may be delayed until Thursday, Nov. 12. Post offices are closed, the Economic Times reported.
What it means today
Treasury yields rose sharply on Tuesday. The 2-year yield rose 18.9 basis points to 4.736 percent. The 10-year rose 12.6 basis points to about 4.99 percent. The 30-year rose 9.3 basis points to 5.349 percent. Those figures are from Kiplinger.
Tuesday's close is the last print until Thursday.
The Treasury sold $42 billion of 10-year notes on Tuesday. The high yield was 5.020 percent. The bid-to-cover ratio was 2.46, according to Treasury results. The bid-to-cover ratio is total bids divided by the amount awarded. That figure was below the 2.60 average cited by investinglive.
The Treasury sells $25 billion of 30-year bonds on Thursday.
Treasuries do not trade today. Stocks do.
The rest of the holiday calendar
Stock and bond markets close on Thursday, Nov. 26, for Thanksgiving, according to Investopedia. On Friday, Nov. 27, stocks close at 1 p.m. ET and bonds at 2 p.m.
On Thursday, Dec. 24, stocks close at 1 p.m. and bonds at 2 p.m. Both close on Friday, Dec. 25.
Bonds close at 2 p.m. on Thursday, Dec. 31. Both markets are closed on Friday, Jan. 1.