Will the scholarship be open on Columbus Day?


It’s a normal day of business for the U.S. stock market on Monday, October 10, as the exchanges remain open for Columbus Day, a federal holiday that has also been recognized as Indigenous Peoples Day.

Bond markets, however, are taking the day off, which means a long weekend for the Treasury market, corporate bonds and other forms of marketable debt, starting after business closes on Friday.

Stocks suffered a sharp sell-off in the first nine months of the year as the Federal Reserve scrambled to tackle inflation that remained stuck near its highest levels since the early 1980s.

The central bank’s main tool to fight inflation has been to dramatically raise interest rates, while shrinking its balance sheet, in an effort to tighten financial conditions and stifle demand for goods and services. , while reducing the stubbornly high cost of living, including food. , housing and energy prices.

In recent months, the Fed has also focused on cooling the booming labor market, with strong wage increases over the past year seen as one of many culprits for high inflation.

Friday’s jobs report for September put the jobless rate at a pre-pandemic low of 3.5%, dashing hopes of a meaningful trend toward a weaker labor market for now.

The S&P 500 SPX index,
fell 1.9% on Friday, the Dow Jones Industrial Average DJIA,
was down 1.5% and the Nasdaq Composite Index COMP,
was down 2.6%. And the early October rally had offered some hope for a rebound for equities, after a brutal first nine months for investors.

Bonds have also suffered a painful revaluation this year, as volatility related to the Fed’s monetary tightening campaign eroded the value of bonds issued over the past decade of low rates.

The S&P 500 is down about 23% for the year, the Dow Jones 19% and the Nasdaq 31% since January. The 10-year Treasury rate TMUBMUSD10Y,
was close to 3.9% on Friday, after recently touching 4%, it’s the highest since 2010


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