By admin 
US markets will be closed on Thursday to observe a National Day of Mourning for former President Jimmy Carter. After closing flat on Wednesday, the US markets will now open on Friday.
Nasdaq announced that it will observe the passing of President Jimmy Carter by closing all Nasdaq U.S. equities and options markets on Thursday, January 9, 2025. Also, the New York Stock Exchange, part of Intercontinental Exchange, a leading global provider of technology and data, announced that it will close all NYSE Group equity and options markets on Thursday, January 9, 2025, in observance of the National Day of Mourning in recognition of the passing of former President Jimmy Carter.
The NYSE Group markets that will close in observance of the National Day of Mourning for President Carter are the New York Stock Exchange, NYSE American Equities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago and NYSE National.
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President Carter, the 39th President of the United States, served from 1977 to 1981. He was also a graduate of the United States Naval Academy, a Navy veteran, served as the 76th Governor of Georgia, and founded the Carter Center, where he served for decades after his presidency advocating for democracy, public health and human rights. He passed away on Sunday, December 29, 2024, at the age of 100.
Meanwhile, Friday’s opening may see markets react to the FOMC meeting minutes released on January 8. “The Fed minutes signal officials are hawkish, and we believe that we’re not likely to see more than one rate cut in 2025 – at most,” says Nigel Green, CEO of deVere Group.
The equation appears to have changed since Donald Trump’s victory in the 2024 US elections. In between sticky inflation, robust job creation, and interest rates, Trump’s upcoming tariff measures appear inflationary.
“Uncertainty has come to the Fed. Policymakers are increasingly unsure about how tax cuts, tariffs and immigration rules will impact the economy and inflation. They share this anxiety with investors struggling to plan for the incoming Trump Administration. Everyone’s in wait-and-see mode over the next few weeks. The Fed is no longer data-dependent. It’s now Trump dependent,” says David Russell, Global Head of Market Strategy at TradeStation.
Fed Governor Christopher Waller said in a speech Wednesday that he still expects the central bank to ease rates further in 2025, rebuffing speculation that it may have already been done after cutting three times since September. This statement caused the bond market, which has recently been a bigger focus for Wall Street, to move in a narrow range. Waller stated that he does not anticipate a “significant or persistent effect” on inflation from the tariffs that may be implemented under President-elect Donald Trump.
Larry Tentarelli, Chief Technical Strategist for Blue Chip Daily Trend Report says, “The Fed funds futures market is pricing in only one 25-basis point rate cut for 2025, and not until the June 18, 2025 meeting. Based on the combination of sticky inflation and a strong labor market, we believe that the Fed may stay on pause for the next few meetings unless there is notable weakness in the labor market or incoming economic data.”
On Wednesday, a selloff in global bonds resumed, weighing on Wall Street stocks and strengthening the dollar as signals of persistent strength in the US economy dampened hopes for significant near-term interest rate reduction. The benchmark 10-year US Treasury yield increased to 4.73%, the highest since April 2024, following a 7 basis point increase on Tuesday. It was last up 0.2 basis points to 4.687%.
“Reports from CNN were the spark which ignited a risk-off move yesterday, as headlines broke that President-elect Trump was planning to declare a ‘national economic emergency’, in order to provide legal justification for the planned imposition of universal tariffs on imports to the US. Importantly, such a declaration would allow Trump to impose tariffs without a requirement to prove that such measures are necessary on national security grounds, with sources noting that “nothing is off the table”,” says Michael Brown Senior Research Strategist at Pepperstone.
Jeffrey Roach, Chief Economist for LPL Financial says, “Markets could get choppy if there is a surprise in Friday’s payroll release. A softer job market could lift the unemployment rate, giving the Fed reason to cut rates later this quarter. Some industry data are hinting at softer hiring across the economy.”