The U.S. stock market will be open on Monday, Oct. 9, for Columbus Day and Indigenous Peoples Day. But the bond market won’t be, which is perhaps a bigger deal on Wall Street.
“It should be a quieter day in the stock market,” said David Kelly, chief global strategist at JP Morgan Asset Management, by phone. It also might provide a bit of relief from the sharp selloff in financial markets. As bonds have sold off, so has the S&P 500 index SPX, which in the past week nearly tested a key 4,200 level.“Selling begets more selling,” was how Jack Janasiewicz and Garrett Melson, portfolio strategists at Natixis Investment Managers, summed up the recent Treasury-market tumult. They also view it as a “technically driven overshoot.”
In a positive sign, the 10-year BX:TMUBMUSD10Y and 30-year BX:TMUBMUSD30Y Treasury yields on Thursday were finally edging back from some of the highest levels since the run-up to the 2007-2008 global financial crisis.