The New York Stock Exchange (NYSE) and Nasdaq will be open for business on Monday, October 10th, as the US stock market remains open for Hispanic Heritage Day, a federal holiday that has also been recognized as Indigenous Peoples Day. However, bond markets will be closed for the day, meaning a long weekend for the Treasury market, corporate bonds and other forms of negotiable debt.The S&P 500 SPX Index, Dow Jones Industrial Average DJIA and NASDAQ COMP composite index all closed lower on Friday, September 9th. Tesla shares also fell due to investor questions about rising costs and falling demand for new cars. On the macroeconomic front, concerns remained focused on slow global economic expansion, aggressive monetary policy and tensions in financial systems that forced the BoE to intervene in gold commodity markets.The Federal Reserve has worked to combat inflation by drastically increasing interest rates and reducing its balance sheet in an effort to tighten financial conditions and crush demand for goods and services.
Last year's strong wage gains were seen as one of several causes of rising inflation. The employment report on Friday, September 9th found that the unemployment rate coincided with the pre-pandemic low of 3.5%, which for now frustrated hopes of a significant trend towards a decline in the labor market.In recent months, the Federal Reserve has also focused on cooling the booming labor market. A rally in early October had offered some hope of a rebound for stocks, after a brutal first nine months for investors. Bonds have also experienced a painful revaluation this year, as volatility linked to the Fed's monetary tightening campaign has eroded the value of bonds issued in the last decade at low rates.Whether you call it Hispanic Heritage Day or Indigenous Peoples Day, much of Wall Street and the US financial market will be open on Monday, October 10th.
Several big names are aiming to make a profit this week, as market observers analyze how inflation is affecting consumers and how the strength of the dollar is affecting corporate businesses abroad.
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