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As traders gear up for a well-deserved break, it’s worth noting that the stock market will be taking a breather on Monday in observance of Washington’s Birthday, also known as Presidents’ Day, a time-honored tradition celebrated on the third Monday of February.
While Wall Street enjoys its day off, the U.S. bond market, along with the metals and commodities market – including Nymex crude oil and Comex-traded gold – will also be closed. However, stock futures will remain active, although movement may be limited with contracts linked to the Dow (INDU) and S&P 500 (SPX) remaining unchanged, and Nasdaq futures (NDX:IND) edging ahead by 0.1%. Additionally, cryptocurrency trading will continue throughout the day, with Bitcoin recently valued at $52,373.
Adding to the mix, investors will have some time to reflect on the latest economic data, with conflicting reports on GDP, jobs, retail sales, and CPI inflation fuelling the endless debate about the economy, leaving some wondering if it’s at the risk of overheating or heading into a recession.
Looking beyond the holiday, the upcoming week will bring heavyweight earnings reports from Nvidia and Walmart, both of which could significantly sway sentiment in their respective sectors. Nvidia, up more than 45% year-to-date, has been hailed as the AI superstar of the year, while Walmart has been pegged as one of the better defensive plays of the year. In addition, Walmart is poised to execute a three-for-one stock split effective at the close of trading on Friday, which could shake things up in the market. As a result, investors are advised to stay ahead of the curve by exploring this week’s actionable events with Seeking Alpha’s Stocks To Watch.
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