Wait, is the stock market actually open? It's a question that pops up every November 11 like clockwork. You see the mail isn't running. You notice the local bank branch has the "Closed" sign flipped. Naturally, you'd assume the New York Stock Exchange (NYSE) and Nasdaq are also taking a breather.
But they aren't.
Honestly, it’s one of the most confusing days on the financial calendar. While Veterans Day is a federal holiday, the equity markets basically treat it like any other Tuesday or Wednesday. If you're looking to trade Apple or Tesla on November 11, you're in luck. The lights are on. The traders are at their desks.
The Weird Split Between Stocks and Bonds
The big catch is that "the market" isn't just one thing. It's a messy ecosystem of different players who don't always talk to each other.
While the NYSE and Nasdaq are screaming ahead with full trading sessions from 9:30 a.m. to 4:00 p.m. ET, the bond market is a ghost town. The Securities Industry and Financial Markets Association (SIFMA) almost always recommends a full close for fixed-income securities. This means if you're trying to move Treasury bonds or corporate debt, you're probably out of luck.
Why the disconnect? It mostly comes down to the banks.
The Federal Reserve observes Veterans Day. Since the Fed is closed, the "plumbing" of the bond market—where cash actually changes hands to settle trades—is essentially shut off. Stock trades can still "happen" electronically on the exchanges, but the actual settlement (the part where the money and shares officially switch owners) gets pushed back because the banking rails are frozen.
What stays open and what shuts down?
- NYSE & Nasdaq: Open. Full regular hours. No early close.
- U.S. Bond Market: Closed. No trading in Treasuries or municipal bonds.
- Commercial Banks: Closed. No wire transfers or in-branch service.
- International Markets: Open (unless it's a holiday in their specific country).
- Federal Reserve: Closed.
Why the Stock Market Stays Open on Veterans Day
You’d think for a day honoring those who served, Wall Street would want to show some respect by closing the doors. It’s not about a lack of patriotism, though. It’s about liquidity.
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Every day the market is closed is a day where "price discovery" stops. If something massive happens in the global economy on November 11, and the U.S. markets are closed, it creates a huge bottleneck of orders for the next morning. That can lead to wild, stomach-churning volatility when the opening bell finally rings.
By staying open, the stock exchanges keep the gears turning. They’ve decided that nine specific holidays—like Christmas, Thanksgiving, and Juneteenth—are enough. Veterans Day just didn't make the cut for the equity side of the house.
Important Dates for 2025 and 2026
If you're planning your trades or wondering when you can finally stop staring at tickers, here is how the next couple of years look for Veterans Day.
In 2025, Veterans Day falls on a Tuesday (November 11). The stock market will be fully operational. However, if you're waiting for a check to clear or a wire transfer to land in your brokerage account, don't expect it until Wednesday.
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In 2026, it’s a Wednesday. Same story.
It’s worth noting that while the market is open, volume is often "thin." Because many institutional traders take the day off to be with family or attend ceremonies, there are fewer people buying and selling. This can sometimes lead to weird, jagged price movements because it doesn't take as much "oomph" to move a stock's price when half the players are gone.
What This Means for Your Money
If you’re a retail investor, the biggest headache isn't the trading—it's the logistics.
- Settlement Delays: Standard stock trades usually settle in one business day ($T+1$). If you sell a stock on Veterans Day, that day doesn't count as a "business day" for the banking system. You’ll be waiting an extra day for that cash to be "settled" and available for withdrawal.
- Deposits: Don't expect your instant transfer to work the same way. If you initiate a transfer from your bank to your broker on the holiday, it likely won't even start processing until the next day.
- Volatility: Kinda watch out for low-volume spikes. Without the big institutional "whales" providing a buffer, a small sell-off can look way scarier than it actually is.
A Quick History Lesson
It wasn't always this way. If you go back far enough into the archives of the NYSE, the holiday schedule used to be a lot more fluid. In the early 20th century, the exchange closed for all sorts of things, including local elections and various religious holidays that aren't observed today.
Over time, the push for a 24/7 global economy meant the exchanges trimmed the fat. They aligned more with international standards. Since London, Tokyo, and Hong Kong don't stop for American Veterans Day, the U.S. exchanges felt they couldn't afford to either.
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Interestingly, some of the biggest days in market history have happened right around November 11. In 1929, the market was still reeling from the Great Crash, and trading was actually heavy on Veterans Day (then called Armistice Day) as investors desperately tried to find a bottom. In 1989, the Berlin Wall began to fall right around this time, sparking a massive rally as the Cold War essentially ended.
Actionable Steps for Traders
Don't get caught off guard by the "half-open" nature of the day. If you're planning to be active on November 11, do these things first:
- Check your buying power: Since banks are closed, you can't top up your account at the last minute. Make sure you have the cash you need by the 10th.
- Avoid "Market" orders: In low-volume environments, use "Limit" orders. This prevents you from getting filled at a terrible price if the "bid-ask spread" widens out because there aren't enough traders.
- Plan for the bond lag: If your portfolio relies on rebalancing between stocks and bonds, you'll have to wait. You can sell the stocks, but you won't be able to buy the bonds until the following day.
Basically, treat the day with a bit of caution. It's a "business as usual" day for the ticker, but a "holiday" for the money. If you can, take the day to step away from the screen and actually observe the holiday for what it is. The charts will still be there on the 12th.
Keep an eye on the official NYSE and Nasdaq holiday portals as you get closer to the date, just in case a "special observance" is ever declared, though that hasn't happened for Veterans Day in decades.