Bank holidays and market holidays are set by three different calendars, and they disagree on several days a year. The Federal Reserve decides when payments between banks settle. The New York Stock Exchange (and Nasdaq) decide when stocks trade. SIFMA, an industry association, recommends when the bond market closes or closes early. In 2026 the Federal Reserve is closed on Columbus Day and Veterans Day while stocks trade, and the NYSE is closed on Good Friday while ACH and wires settle. Most of the remaining holidays close all three.
If you only need the Federal Reserve’s schedule and its weekend rules, our page on Federal Reserve holidays covers that. This article compares bank holidays vs. market holidays day by day and explains what the gaps mean for a trade or a transfer.
Three calendars, three jobs
Federal Reserve: payments. The Federal Reserve’s holiday schedule follows the 11 legal public holidays in federal law. On those days FedACH and Fedwire do not settle payments, so direct deposits, bill payments and bank wires settle on a business day before or after. When a holiday falls on a Saturday, the Reserve Banks stay open on the Friday before; only the Board of Governors closes.
NYSE and Nasdaq: stocks. The exchanges publish their own list. The NYSE Group calendar for 2026 to 2028 has 10 holidays in each of 2026 and 2027, including Good Friday but not Columbus Day or Veterans Day, plus a few early closes at 1:00 p.m. ET. Nasdaq’s 2026 trading calendar lists the same closures and early closes as the NYSE.
SIFMA: bonds. There is no single bond exchange, so U.S. bond market holidays are set by recommendation. SIFMA publishes a recommended holiday schedule for trading U.S. dollar government securities, mortgage- and asset-backed securities, corporate and municipal bonds and some money market instruments. These are recommendations: SIFMA’s announcement of the 2026 and 2027 schedule says each member firm decides whether its fixed income desk stays open, and that the recommendations can change with market conditions.
Where the calendars split
Good Friday
Good Friday is not a federal holiday, so the Reserve Banks are open and payments settle. The NYSE is closed. SIFMA’s 2026 schedule treats it differently again: an early close at 12:00 p.m. ET on Friday, April 3, 2026, not a full close. On Friday, March 26, 2027, the NYSE is closed and the Federal Reserve is open. More in our Good Friday guide.
Columbus Day and Veterans Day
These two go the other way. The Federal Reserve is closed, the stock market is open, and SIFMA recommends a full bond market close. In 2026 that was Monday, October 12 (Columbus Day) and is Wednesday, November 11 (Veterans Day). So on Veterans Day you can buy and sell stocks, but Treasury trading is expected to be closed and FedACH and Fedwire are not settling.
Saturday holidays and the Friday before
When a holiday falls on a Saturday, federal offices and, in most cases, the exchanges close on the Friday before. The Reserve Banks don’t. On Friday, July 3, 2026 the NYSE was closed and SIFMA recommended a full close, yet ACH payments and wires settled. In 2027 the NYSE is closed while the Reserve Banks are open on Friday, June 18 (Juneteenth) and Friday, December 24 (Christmas Day).
New Year’s Day 2028 falls on a Saturday. NYSE Group says no New Year’s Day holiday is observed for 2028, so the exchange trades on Friday, December 31, 2027. The Reserve Banks are open that day too; only the Federal Reserve Board closes.
Early closes
The NYSE closes at 1:00 p.m. ET on a handful of days, such as the day after Thanksgiving and Christmas Eve 2026. SIFMA recommends 2:00 p.m. ET early closes for bonds before several holidays, including days when stocks trade a full session (May 22 and July 2, 2026, and December 31, 2026). The Federal Reserve’s schedule has no early closes; Fedwire’s published hours, with a 6:45 p.m. ET cut-off for customer transfers, apply on those days as on any business day. SIFMA notes that its early closes do not change the closing time for settlements.
2026: Federal Reserve, NYSE and SIFMA side by side
Dates on which at least one calendar is closed or closes early. Federal Reserve dates come from our holiday engine, which follows the Fed’s published schedule.
| Date | Federal Reserve (payments) | NYSE (stocks) | SIFMA (bonds) |
|---|---|---|---|
| Thu, Jan 1 | Closed | Closed | Closed |
| Mon, Jan 19 | Closed | Closed | Closed |
| Mon, Feb 16 | Closed | Closed | Closed |
| Fri, Apr 3 (Good Friday) | Open | Closed | Early close 12:00 p.m. |
| Fri, May 22 | Open | Open | Early close 2:00 p.m. |
| Mon, May 25 | Closed | Closed | Closed |
| Fri, Jun 19 | Closed | Closed | Closed |
| Thu, Jul 2 | Open | Open | Early close 2:00 p.m. |
| Fri, Jul 3 | Open (Board closed) | Closed | Closed |
| Mon, Sep 7 | Closed | Closed | Closed |
| Mon, Oct 12 (Columbus Day) | Closed | Open | Closed |
| Wed, Nov 11 (Veterans Day) | Closed | Open | Closed |
| Thu, Nov 26 | Closed | Closed | Closed |
| Fri, Nov 27 | Open | Early close 1:00 p.m. | Early close 2:00 p.m. |
| Thu, Dec 24 | Open | Early close 1:00 p.m. | Early close 2:00 p.m. |
| Fri, Dec 25 | Closed | Closed | Closed |
| Thu, Dec 31 | Open | Open | Early close 2:00 p.m. |
Both the Federal Reserve and the NYSE close on 10 weekdays in 2026, but only eight of those days are shared.
2027: Federal Reserve and NYSE
When we checked on October 23, 2026, SIFMA’s holiday page showed only one 2027 date for the U.S., a full close on Friday, January 1, 2027. This table therefore omits the SIFMA column for 2027. Nasdaq’s calendar did not yet list 2027.
| Date | Federal Reserve (payments) | NYSE (stocks) |
|---|---|---|
| Fri, Jan 1 | Closed | Closed |
| Mon, Jan 18 | Closed | Closed |
| Mon, Feb 15 | Closed | Closed |
| Fri, Mar 26 (Good Friday) | Open | Closed |
| Mon, May 31 | Closed | Closed |
| Fri, Jun 18 (Juneteenth observed) | Open (Board closed) | Closed |
| Mon, Jul 5 (Independence Day observed) | Closed | Closed |
| Mon, Sep 6 | Closed | Closed |
| Mon, Oct 11 (Columbus Day) | Closed | Open |
| Thu, Nov 11 (Veterans Day) | Closed | Open |
| Thu, Nov 25 | Closed | Closed |
| Fri, Nov 26 | Open | Early close 1:00 p.m. |
| Fri, Dec 24 (Christmas observed) | Open (Board closed) | Closed |
| Fri, Dec 31 (New Year’s 2028 observed by federal offices) | Open (Board closed) | Open |
In 2027 the Reserve Banks close on nine weekdays and the NYSE on 10; seven of them are shared. Our 2027 bank holidays page has the full payment calendar for that year.
What it means for a trade or a transfer
Since May 28, 2024, most broker-dealer trades settle one business day after the trade date (T+1) instead of two, under rules adopted by the SEC. Stock trades settle through the Depository Trust Company (DTC), whose settlement calendar is closer to the bank holidays than to the stock market’s. Its 2026 settlement holiday schedule lists DTC as open “but will not provide settlement services” on Columbus Day and Veterans Day, and open with limited settlement services on Good Friday and on Friday, July 3, 2026.
Three examples from the 2026 calendar:
- Sell stock on Tuesday, November 10, 2026. T+1 would be Wednesday, November 11, but that is Veterans Day and DTC provides no settlement. The trade settles on Thursday, November 12 at the earliest. If you then move the cash to your bank by ACH, that transfer follows the Federal Reserve calendar from there.
- Sell stock on Wednesday, November 25, 2026. Thanksgiving closes everything on Thursday, so T+1 is Friday, November 27. The NYSE closes early that day, but the Federal Reserve is open and DTC does not list the day as a holiday.
- Fund your brokerage account on Good Friday. You can’t trade on Friday, March 26, 2027, but an ACH transfer dated that day can still settle, because the Federal Reserve is open; when the cash is available to trade is up to your broker.
Your trade confirmation shows the settlement date, and your broker decides when settled cash can be withdrawn. When a holiday falls between the trade and the withdrawal, count the days with the payment calendar, not the trading calendar. Our ACH processing times page shows how a transfer moves around a closure.
Frequently asked questions
Do stock markets close on bank holidays?
On most of them. In 2026 the NYSE closes on eight of the Federal Reserve’s 10 weekday closures. The two exceptions are Columbus Day and Veterans Day, when stocks trade and banks don’t settle payments. The NYSE also closes on two days the Reserve Banks are open: Good Friday and the observed Independence Day on Friday, July 3.
Is the bond market open today?
Check SIFMA’s holiday schedule for today’s date. On days it does not list, the recommendation is a normal trading day. On listed dates the bond market is expected to be closed or to close early, though each dealer decides for itself. Payment settlement is a separate question, which are banks open today answers.
Why does the bond market close on days the stock market is open?
SIFMA’s calendar sits closer to the bank holidays than the NYSE’s does. Its 2026 list of full closes matches the Federal Reserve’s 10 weekday closures, including Columbus Day and Veterans Day, plus Friday, July 3. SIFMA’s page does not give a reason for each date, so we can’t tell you the reasoning behind a specific close.
