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US Treasuries and dollar fixed income · SIFMA recommendations

Bond Market Holidays 2026

The US bond market follows the SIFMA holiday recommendations, not the NYSE calendar. In 2026 that means 11 full closes and 6 early closes, including two days when Treasuries stop while stocks keep trading: Columbus Day and Veterans Day.

SIFMA bond market calendar 2026

Compared with the stock market on the same day

DateDayHolidayBond marketStock market
Jan 1ThursdayNew Year's DayClosedClosed
Jan 19MondayMartin Luther King Jr. DayClosedClosed
Feb 16MondayPresidents' DayClosedClosed
Apr 3FridayGood FridayEarly close 12:00 p.m. ETClosed
May 22FridayDay before Memorial DayEarly close 2:00 p.m. ETOpen
May 25MondayMemorial DayClosedClosed
Jun 19FridayJuneteenthClosedClosed
Jul 2ThursdayDay before Independence DayEarly close 2:00 p.m. ETOpen
Jul 3FridayIndependence Day (observed)ClosedClosed
Sep 7MondayLabor DayClosedClosed
Oct 12MondayColumbus DayClosedOpen
Nov 11WednesdayVeterans DayClosedOpen
Nov 26ThursdayThanksgiving DayClosedClosed
Nov 27FridayDay after ThanksgivingEarly close 2:00 p.m. ETEarly close 1:00 p.m.
Dec 24ThursdayChristmas EveEarly close 2:00 p.m. ETEarly close 1:00 p.m.
Dec 25FridayChristmas DayClosedClosed
Dec 31ThursdayNew Year's EveEarly close 2:00 p.m. ETOpen

SIFMA publishes recommendations, not rules, but the major dealers follow them. New Year's Eve 2026 is listed by SIFMA in its 2027 schedule. Coverage: 2026 (2027 published by SIFMA only through New Year's Day at time of writing).

Why bonds and stocks keep different calendars

Stocks trade on exchanges that set their own holidays. Bonds trade over the counter between dealers and settle through the Federal Reserve's Fedwire system, so the bond market cannot function on a day the Fed is closed. That is why every federal bank holiday, including Columbus Day and Veterans Day, is a bond market holiday, while the NYSE has never observed either.

The reverse happens on Good Friday. It is not a federal holiday, so Fedwire runs, but the NYSE closes by tradition. SIFMA usually recommends a full close for bonds as well, unless a major data release lands that morning; in 2026 the April 3 jobs report does, so SIFMA recommends trading until 12:00 p.m. ET.

Early closes at 2:00 p.m. ET sit the day before Memorial Day and Independence Day, the day after Thanksgiving, on Christmas Eve and on New Year's Eve. The stock market only closes early on two of those days, and an hour earlier, at 1:00 p.m. ET.

There is no opening bell for bonds. New York dealers generally quote from about 8:00 a.m. ET until the recommended 5:00 p.m. close, and Treasuries also trade in London and Tokyo hours, which is why a "closed" bond market still shows prices moving overnight.

Frequently asked questions

Is the bond market open on Columbus Day 2026?

No. SIFMA recommends a full close on Monday, October 12, 2026. The stock market is open.

Is the bond market open on Veterans Day 2026?

No. SIFMA recommends a full close on Wednesday, November 11, 2026. The stock market is open.

Is the bond market open on Good Friday 2026?

Yes, until 12:00 p.m. ET. SIFMA recommends an early close because the monthly jobs report is released that morning. The stock market is closed.

What time does the bond market close early?

2:00 p.m. ET on SIFMA early-close days (the day before Memorial Day, the day before Independence Day, the day after Thanksgiving, Christmas Eve and New Year's Eve). Good Friday 2026 is a 12:00 p.m. close.

Who sets bond market holidays?

There is no bond exchange. SIFMA, the Securities Industry and Financial Markets Association, publishes recommended full and early closes for US dollar fixed-income trading, and dealers follow them.

Every market holiday, answered

Hours and closures for every US market day people ask about