Monday trading: US equities open, bonds closed; Canada shut for Thanksgiving

On Monday, October 12, North American markets will see a divided session: Canada marks Thanksgiving while the US observes Columbus Day—often also called Indigenous Peoples’ Day.

For traders, the main difference is that US equity exchanges operate normally, but bond trading is suspended.

The NYSE and Nasdaq will hold standard sessions, 9:30 a.m. to 4 p.m. Eastern. No early close means a full trading day for stocks, though news tends to be sparse on Columbus Day, a federal holiday.

Additionally, former President Trump has historically used weekends—including long ones—to strike Iran, so that remains a possibility.

US bond markets operate on a separate schedule. SIFMA advises a complete halt for dollar-denominated fixed-income trading, covering Treasuries, corporates, and munis. While it is an industry suggestion, not a legal mandate, it is the usual holiday practice. The Federal Reserve is also closed.

Canadian exchanges—the TSX, TSX Venture, and Montréal Exchange—are all shut. Trading resumes on Tuesday, October 13. Canadian bond and money markets also close for Thanksgiving.

Consequently, Canadian investors can watch price changes in US-listed shares of cross-listed firms even while Toronto stocks are dormant. Those shifts may influence Tuesday's Canadian open, potentially offering a minor opportunity.

Forex markets never close for holidays, but a Canadian holiday plus lighter US activity may result in below-normal liquidity.

Futures traders should note that the bond market closure does not mean all futures are off. CME will issue settlement prices for CME, CBOT, NYMEX, and COMEX products at the usual times on Monday.

Overall, the session will likely be uneven, with a lot hinging on weekend developments. The North American economic calendar is empty on Monday, and Tuesday offers little beyond existing home sales. Wednesday brings a heavy lineup: US CPI, a speech by Bowman, and comments from the Bank of Canada's Macklem—which may gain extra significance after today's disappointing jobs report.