Is the Stock Market Open on Thanksgiving 2025? Black Friday Hours & Trading Guide

Kelly Chan

November 27, 2025

5 min read

The short answer is no. All major U.S. stock markets, including the New York Stock Exchange (NYSE) and the Nasdaq, will be closed on Thanksgiving Day, Thursday, November 27, 2025. Trading will resume on Black Friday, November 28, 2025, but with a modified schedule, featuring an early close at 1:00 PM ET. Because Thanksgiving is a U.S. federal holiday, the bond markets and banks will also be closed, meaning no trade settlements will occur until markets reopen.

Thanksgiving Day 2025: A Complete Halt on Wall Street

For traders accustomed to the fast-paced rhythm of the markets, Thanksgiving represents one of the few days in the calendar year when the financial machinery of the United States comes to a complete standstill. Unlike some minor holidays where the bond market closes but stocks remain open (such as Columbus Day or Veterans Day), Thanksgiving is a blanket closure.

On Thursday, November 27, 2025, the NYSE, Nasdaq, and strictly regulated over-the-counter (OTC) markets will not open. This aligns with the schedule of the Federal Reserve and the wider banking system. Since banks are closed, the settlement system—the plumbing that moves cash and securities between accounts—is also paused.

It is vital for market participants to adjust their expectations for the week. Wednesday, November 26, will be a regular trading session, but volume typically dries up in the afternoon as institutional traders leave their desks for the holiday.

Black Friday Stock Market Hours: When Does Trading Close Early?

While the turkey is being finished off as leftovers, Wall Street returns to work on Black Friday, but not for a full day. This session is historically one of the quietest trading days of the year, often characterized by low volume and minimal corporate news flow.

Here is the specific schedule for Friday, November 28, 2025:

Pre-Market Trading: Opens at typical times (usually 4:00 AM or 7:00 AM ET depending on the brokerage).
Regular Trading Session: Opens at 9:30 AM ET.
Stock Market Close: The NYSE and Nasdaq will close early at 1:00 PM ET.
After-Hours Trading: While technically available on some platforms, liquidity is virtually non-existent after the 1:00 PM bell.

This shortened session is a long-standing tradition. It allows floor traders and financial professionals to start their weekend early. However, retail traders should be cautious; the shortened hours mean that any orders placed “Day Only” will expire at 1:00 PM ET, not the usual 4:00 PM ET.

Bond Market and Banking Hours for the Holiday Weekend

The schedule for fixed-income securities differs slightly from equities, a nuance that often trips up diversified investors. The Securities Industry and Financial Markets Association (SIFMA) typically recommends a full closure for bond markets on Thanksgiving Day.

For Black Friday, SIFMA recommends an early close for trading in U.S. dollar-denominated fixed-income securities. However, unlike the stock market’s hard stop at 1:00 PM, the bond market usually stays open one hour longer, closing at 2:00 PM ET.

Regarding banking institutions: Most physical bank branches will be closed on Thanksgiving Day but will reopen on Black Friday. However, investors transferring funds to brokerage accounts should be aware that ACH transfers initiated on Wednesday might not clear until Friday or the following Monday due to the Federal Reserve holiday on Thursday.

Crypto, Forex, and International Markets: What Stays Open?

While New York sleeps, the rest of the world—and the decentralized web—continues to trade. For investors looking for action on Thanksgiving Day, opportunities exist outside of traditional U.S. equities.

Cryptocurrency Markets
The crypto market operates 24/7/365. Bitcoin, Ethereum, and other digital assets will trade normally on Thanksgiving Day. However, traders should be prepared for potential volatility. With institutional liquidity providers in the U.S. offline, “order book depth” can become thin. This means a large buy or sell order that wouldn’t normally move the market could cause a significant price spike or drop.

Foreign Exchange (Forex)
The Forex market is decentralized and global. Since Thanksgiving is not a holiday in London, Tokyo, or Sydney, currency trading continues. However, liquidity for USD pairs (such as EUR/USD or USD/JPY) will likely be lower than usual, leading to potentially wider bid-ask spreads.

International Equities
Global stock exchanges operate on their own local schedules. The London Stock Exchange (LSE), Frankfurt Stock Exchange (DAX), and Tokyo Stock Exchange (TSE) will all be open for regular trading on November 27. Investors with access to international accounts can trade these markets, though they may lack the directional cues usually provided by U.S. market movement.

Navigating Liquidity and Settlement Dates (T+1)

The Thanksgiving holiday week presents unique risks regarding market mechanics, specifically liquidity and settlement.

The “Thin Market” Risk
Black Friday is notorious for “thin” trading. With many Wall Street veterans taking a four-day weekend, the market is dominated by retail traders and algorithms. Lower volume means less liquidity. In a thin market, price action can become choppy or exaggerated. A sudden piece of news can move a stock significantly further than it would on a day with deep liquidity.

T+1 Settlement Implications
Under the T+1 settlement cycle, which is now the standard, trades settle one business day after the transaction.

A trade executed on Wednesday, Nov 26, will settle on Friday, Nov 28 (since Thursday is a holiday).
A trade executed on Friday, Nov 28, will settle on Monday, Dec 1.
Traders managing margin accounts or needing to free up “settled cash” for withdrawals should plan around the Thursday pause.

Final Thoughts on Holiday Week Trading

Navigating the Thanksgiving week requires a blend of patience and attention to the clock. The key takeaway for investors is that Thursday is a total blackout for U.S. stocks, while Friday offers a brief, four-hour window to adjust positions before the weekend.

For the passive investor, this is a week to tune out and enjoy the holiday. For the active trader, the shortened Black Friday session offers opportunities, but it demands discipline. The 1:00 PM ET closing bell rings sooner than you think, and with reduced liquidity, the wisest move is often to set strict limit orders and avoid chasing volatility in a quiet market.

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