Columbus Day, aka Indigenous People’s Day, is observed on the second Monday in October every year to commemorate Christopher Columbus’ landing in the New World on Oct. 12, 1492.
What Happened: Columbus Day is a federal holiday, when most banks, the U.S. Postal Service, government institutions, including libraries and government offices, and the bond market will remain closed.
The stock market, however, will be open on Monday, Oct. 10, 2022, for regular trading hours and so also will the commodity markets. The regular trading session in the equity market spans between 9:30 a.m. ET and 4 p.m. ET, although premarket trading happens between 4 a.m. ET and 9:30 a.m. ET. An after-hours trading window is available between 4 p.m. ET and 8 p.m. ET.
See also: How does the stock market work
Why It’s Important: Trading volume on Columbus Day could be light, thereby increasing the volatility in the already distressed market. The equity market has had a year many would like to forget amid multiple headwinds, including macroeconomic uncertainty.
In 2021, Columbus Day fell on Oct. 11 and the broader S&P Index pulled back about 0.7%. The holiday, however, marked an inflection point from which stocks went on to rally into the end of the year.
This time around, investors are approaching the earnings season that is set to start shortly after Columbus Day with trepidation. Although, better-than-feared results could instill some confidence, triggering an upward move in the market from the current depressed levels.
Photo: Courtesy of RosieTulips on flickr
Image and article originally from www.benzinga.com. Read the original article here.