US stock markets are open as normal on Veterans Day, Wednesday, November 11, while the bond market is closed for the holiday, leaving equity traders without the usual guidance from Treasury yields. Crypto markets, which never close, have already reacted to Tuesday’s hot inflation data, with Bitcoin slipping below $74,000 overnight.
Wall Street ended Wednesday higher after Tuesday’s CPI report. The S&P 500 closed at 7,619.38, up 1.31%, and the Nasdaq closed at 25,466.19, up 1.6%, according to CNBC. The inflation print — 0.4% month on month against a 0.3% forecast — pushed traders to price a December Federal Reserve hike as a certainty.
A quiet day for data
No US economic data is scheduled for release on Veterans Day, and with the bond market shut, there will be no fresh Treasury yield to guide mortgage pricing until Thursday. That leaves Wednesday’s session driven by the aftershocks of the CPI report and by corporate news, rather than by new numbers.
What to watch on Thursday
The next test comes with the October Producer Price Index, due on Friday, November 13, which will give the Fed its last inflation reading before the December 8 to 9 meeting alongside the CPI. Until then, traders will watch whether the S&P 500 can hold above 7,500 and whether Bitcoin can defend the $72,700 support level that held overnight.
The quiet session also gives traders a breather after a frantic Tuesday. Bitcoin fell to an overnight low of about $72,727 after the CPI print, its lowest since August 20, and held in a $73,200 to $74,000 band through the Asian session, according to CoinLab. Polymarket’s median forecast put Bitcoin near $73,848 by Thursday noon, and the 200-day moving average at about $73,191 has held so far. With no US data due and the bond market closed, Wednesday is a day for taking stock rather than taking positions — and the real test comes on Friday, when the Producer Price Index lands.
