How the Presidents Day holiday affects the stock and bond markets
Presidents Day honors those who have held the office of U.S. president,...
Presidents Day honors those who have held the office of U.S. president, although it originally marked the birthday of our first president, George Washington (and is still designated as Washington’s Birthday on the federal calendar). It’s always observed on the third Monday in February, which this year falls on Feb. 19. Many businesses, offices, and institutions are closed, so here’s what to expect.
MARKETS: The NYSE, Nasdaq and bond markets are all shut down. Trading resumes as normal on Tuesday, Feb. 20.
BANKS: Banks are generally closed, according to GoBankingRates.com, although you can always visit an ATM or use your banking app.
GOVERNMENT: Since Presidents Day is a federal holiday, all nonessential federal government offices are closed (and the same generally applies to state government offices).
SCHOOLS:Schools are typically closed on Presidents Day, though some districts may use it as a makeup day for weather-related closures. It’s always best to check with your local school district.
The energy sector has traded back and forth this morning, pressured by mild weakness in the major equity futures, despite mild strength in the underlying commodities. U.S. stock index futures turned negative, as a hotter-than-expected producer inflation report suppressed market speculation of an imminent interest rate cut by the Federal Reserve this year. A Labor Department report showed PPI rose 0.3% month-on-month in January, compared with a 0.1% increase expected by analysts. Annually, it rose 0.9% versus the 0.6% estimated growth. Meanwhile, the core figure, excluding volatile food and energy items, rose 0.5% month-on-month compared with an estimated 0.1% increase. On an annual basis, it rose 2% versus the 1.6% expected growth.
WTI and Brent crude oil futures are now up slightly as slowing demand forecast by the IEA offset support from geopolitical tensions and optimism that the U.S. Federal Reserve might cut interest rates sooner than later this year. The IEA said global oil demand growth was losing momentum and trimmed its 2024 growth forecast, contradicting the view held by OPEC. Meanwhile, prices were supported by persisting tensions in the Middle East. Gaza's largest functioning hospital was under siege in Israel's war with Islamist group Hamas, as warplanes struck Rafah, the last refuge for Palestinians in the enclave.
Following eight consecutive sessions of declines, natural gas futures are positive as NatGasWeather said a potential cold front could move into the Midwest and Northeast the last week of February. NOAA forecasts yesterday afternoon had both of those regions experiencing above-normal temperatures from 23-Feb to 29-Feb.
Diamondback Energy's purchase of Endeavor highlights ongoing consolidation...
Diamondback Energy's purchase of Endeavor highlights ongoing consolidation in the Permian Basin, and in the deal's aftermath, analysts are speculating on likely future buyout targets, writes industry policy consultant David Blackmon. But while further deals remain possible, 2024 acquisition activity will likely slow compared to last year, he believes.
Occidental Petroleum is reprioritizing its financial strategy with plans...
Occidental Petroleum is reprioritizing its financial strategy with plans to reduce its investment and activity in US shale operations by $320 million in a bid to increase cash flow and reduce its borrowing levels. As a result of the spending cuts, Occidental's oil production will remain mostly stable for the year as the firm shifts its investment focus to other areas of the business.
Denver-based energy company Bayswater Exploration & Production has...
Denver-based energy company Bayswater Exploration & Production has purchased several key assets located in the Denver Julesburg basin from Confluence Resources LP. The newly acquired holdings near Roggen include multiple producing wells, undeveloped wells and necessary permits, giving Bayswater significant growth potential in the region.
