You’re staring at your trading screen on November 11th, wondering why the ticker tape for stocks is flying by while your bond ETFs feel like they’ve hit a brick wall. It’s confusing. Most federal holidays—think Christmas or July 4th—shut everything down tight. But Veterans Day is a weird middle ground in the financial world.
If you’re looking for a quick answer: No, the stock market is not closed on Veterans Day, but the bond market and banks definitely are.
Honestly, it feels a bit like a half-holiday. While the NYSE and Nasdaq floors are buzzing, the underlying plumbing of the financial system—the banks and the Treasury markets—takes the day off. This creates a strange trading environment where you can buy shares of Apple, but the money might not "move" in the way you expect because the Federal Reserve is closed.
Why are the markets closed on Veterans Day for some and not others?
The split comes down to who runs the show. The New York Stock Exchange (NYSE) and Nasdaq are private entities. They set their own schedules. They’ve decided that unless Veterans Day falls on a weekend, it’s a regular business day. On the flip side, the bond market follows the lead of the Securities Industry and Financial Markets Association (SIFMA).
Since Veterans Day is a federal holiday, the bond market shuts down. This includes everything from U.S. Treasuries to corporate bonds.
The 2024-2026 Schedule at a Glance
To keep your calendar straight, here is how the next few years look for November 11th.
- 2024: Veterans Day fell on a Monday. Stocks were open; bonds and banks were closed.
- 2025: November 11th is a Tuesday. The stock market will be open for a full session. Bonds will be closed.
- 2026: Wednesday, November 11th. Same deal. Stocks open, bonds closed.
It is worth noting that when the holiday falls on a Saturday, it's typically observed on the preceding Friday. If it's a Sunday, it's observed on Monday. But even then, the stock market usually stays open while the bond guys get their long weekend.
What stays open and what actually shuts down?
It’s easy to get tripped up by the "Market" umbrella term. Let's break it down by what you can and can't do.
The Stock Market (Open)
The NYSE and Nasdaq are open from 9:30 a.m. to 4:00 p.m. ET. You can trade equities, options, and most ETFs without a hitch. Even the Cboe, which handles a lot of the volatility index (VIX) trading, stays open, though they often observe a two-minute moment of silence at 9:20 a.m. ET to honor veterans.
The Bond Market (Closed)
If you’re trying to trade Treasury notes or municipal bonds, you’re out of luck. SIFMA recommends a full market close. This is a big deal because the bond market is essentially the "source code" for interest rates. When it’s closed, liquidity in other areas can get a bit wonky.
The Federal Reserve and Banks (Closed)
Because this is a federal holiday, the Federal Reserve Bank is closed. This means no FedWire. No ACH transfers. If you sell a stock on Veterans Day, the "T+1" settlement period still applies, but you might notice a delay in seeing those funds actually land in your brick-and-mortar bank account because the banking system is essentially paused.
Futures Markets (Mostly Open)
CME Group generally keeps the lights on. You can trade oil, gold, and S&P 500 futures. However, because the cash bond market is closed, "Treasury futures" might have very thin volume. It’s like trying to dance when the music is barely audible; you can do it, but it feels a bit off.
The "Thin Liquidity" Trap
Ever noticed that stock prices seem to jump around more on Veterans Day? There's a reason for that.
Since many professional traders at big banks are off (because their fixed-income desks are closed), there’s less "liquidity" in the market. Liquidity is just a fancy way of saying there are fewer people standing around ready to buy or sell. When liquidity is low, a single large trade can move the price of a stock much further than it would on a normal Tuesday.
Volatility can be your friend, or it can be a total nightmare. Day traders often love it, but if you're just trying to manage a long-term portfolio, it's sometimes better to just step away for the day.
Actionable Steps for Traders on Veterans Day
Since you now know are the markets closed on Veterans Day (mostly no, but technically yes for bonds), you need a game plan. Don't treat it like a normal Monday.
- Check your bank transfers early. If you need to move money from your savings account to your brokerage to make a trade on November 11th, do it on the 9th or 10th. If you wait until the 11th, that money won't move until the 12th.
- Use Limit Orders. Because liquidity is thinner, "Market Orders" can be dangerous. You might end up buying a stock for way more than the last quoted price because the "spread" (the gap between buyers and sellers) has widened. Use a limit order to cap your price.
- Watch the spreads on Bond ETFs. Even though the bond market is closed, you can still trade bond ETFs like TLT or BND on the stock exchange. Be careful, though. Since the underlying bonds aren't trading, the ETF price might "drift" away from the actual value of the bonds it holds.
- Expect a slow afternoon. Usually, by 2:00 p.m. ET, the volume drops off a cliff. Most people who are working realize it's a slow day and head out early. If nothing has happened by lunch, it's probably not going to happen.
If you’re a government employee or a bank worker, enjoy your day off. If you’re a stock trader, keep your eyes on the screen, but maybe keep your position sizes a bit smaller than usual. The lack of a bond market makes the equity market a bit like a ship without an anchor—it can drift in weird directions.
📖 Related: Who is the Chair of the Federal Reserve? What Actually Happens Behind Closed Doors
Next steps for you:
Verify your specific brokerage's policy on "instant deposits" for holiday sessions. While most major apps like Robinhood or Fidelity allow for some margin-based instant trading, the actual clearing of your funds will be delayed by 24 hours due to the Federal Reserve closure. You should also check the SIFMA holiday recommendations if you hold individual municipal or corporate bonds that pay interest around the second week of November, as payment dates can occasionally shift to the next business day.