Markets are open. If you were waiting for an early bell, do not. I can confirm the New York Stock Exchange and Nasdaq are operating on a normal schedule this Friday, December 26, 2025. Christmas Day was the holiday. The day after is a full trading session.
What is open, and when
Equities, ETFs, and listed options are running standard hours. The closing auction will take place at the usual time. There is no early close today.
- Regular session, 9:30 a.m. to 4:00 p.m. Eastern
- Pre market and after hours are available, but liquidity is thinner
Banks and most brokerages are open. Clearing and settlement functions are also open. U.S. government bond trading is active, though many desks are lightly staffed. Expect slower response times from service teams.
Today is a full session. The next U.S. stock market holiday is New Year’s Day.
Why this session matters
This is the last Friday before year end. That makes today a positioning day. Managers are lining up portfolios for taxes, performance reports, and cash needs. Weekly options also expire today, which can pull prices around key strikes in the final hour.
The tape will feel different. Participation is lighter after a major holiday. Spreads can widen and depth can disappear at times. That is normal for the season, not a sign of stress by itself.
Pre market and after hours will be especially thin. A quote is not a guarantee of size. If you need to move stock outside the core session, use limits and expect slippage.
Thin markets move fast. Market orders can fill at poor prices. Use limit orders and size your trades.
What it means for your money
Settlement is now T plus 1. Trades you make today will settle Monday, December 29. That matters for cash raises, margin use, and tax planning. If you are harvesting losses or gains, check your broker’s cutoff for cost basis elections and wash sale tracking.
Dividends and record dates behave as usual. Ex dates set earlier in the week will not change because of Christmas. If you are trading dividend capture strategies, confirm the calendar on each security.
Be aware of cross currents. Canada, the U.K., and several European markets observe Boxing Day. Many of those exchanges are closed today. ADRs can trade in New York while the local market is shut. Price discovery can be less reliable in those names.
Futures, FX, and the read through
CME equity index futures resumed overnight trading into today’s session. Volumes are lighter, but the market is open and providing a lead for cash stocks. Crude, gold, and rates futures are trading as well, with normal Friday closes.
Foreign exchange runs around the clock, though liquidity is patchy while parts of Europe stay offline. Expect wider spreads in minor pairs. Dollar crosses tied to holiday markets can gap on headlines.
Market setup and tone
The broad setup is simple. Lower liquidity, a full session, and end of year flows. That mix can produce sharp moves on small news. Do not over read one noisy candle. Watch the opening rotation, the midday lull, and the closing auction. Those windows will control most of the day’s price action.
Large caps and liquid ETFs usually handle this tape well. Small caps and thinly traded names can whip. Options implied volatility often drifts lower into the afternoon unless a catalyst hits.
If you do not need to trade size today, scale in. Let the market come to your price.
Action plan for investors
- Confirm your broker’s cutoffs for cash transfers and trade corrections.
- Use limit orders, especially in pre market and after hours.
- Plan around 9:30 to 10:15 a.m. and 3:30 to 4:00 p.m., where volume clusters.
- Mind T plus 1 settlement for cash needs on Monday.
The bottom line, the U.S. stock market is open all day today. There is no early close. Trade with care in a thin tape, use limits, and keep settlement in view. With year end days away, risk control matters more than squeezing the last tick.
