The markets and the Martin Luther King Jr. holiday: Here's what you should know

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January effect causing stocks to march higher in first weeks of 2023: Root

Carleton English, Ben Levisohn and Al Root discuss stocks marching higher as “soft landing” optimism grows, bank earnings and Ford Motor Company’s early success in 2023.

Markets will pause on Monday to recognize the Martin Luther King Jr. holiday.

U.S. equity markets as well as the bond market will be closed on Monday.

Stock futures will trade until 1 p.m. and resume at 6 p.m.

Commodity futures, such as energy and metals, will trade until 2:30 p.m. and resume at 6 p.m.

BANK EARNINGS BEAT EXPECTATIONS DESPITE ‘HEADWINDS’

Markets will be closed on Monday to mark the Martin Luther King Jr. holiday. (AP Photo/File)

Markets in Europe and Asia will trade according to their regular schedules.

Stocks finished last week with the best weekly performance in two months as earnings season got underway with the major banks reporting.

On Friday, the S&P 500 rose 15.92 points, or 0.4%, to 3,999.09. The Dow Jones Industrial Average rose 112.64 points, or 0.3%, to 34,302.61. The Nasdaq rose 78.05 points, or 0.7%, to 11,079.16.

JANUARY EFFECT CAUSING STOCKS TO MARCH HIGHER IN FIRST WEEKS OF 2023: AL ROOT

Big banks reporting earnings. (Reuters/File / Reuters Photos)

For the week, the Nasdaq was the big winner, gaining more than 4%. The tech-heavy market has also gained nearly 6% to start the year.

JPMorgan Chase rose 2.5% after beating analysts' expectations for earnings and revenue. Bank of America also shook off a morning stumble to rise 2.2% after reporting better results than expected.

Delta Air Lines shares sank 3.5% despite reporting stronger results for the end of 2022 than expected. Its forecast for profit this quarter fell short of analysts’ expectations.

A Tesla Model 3 is seen in a showroom in Los Angeles. (Reuters/Lucy Nicholson/File / Reuters Photos)

TESLA CUTS PRICES ON MODELS SOLD IN THE US: REPORT

Tesla shares also weighed on Wall Street, falling 0.9% after the automaker slashed prices dramatically on several versions of its electric vehicles.

The Associated Press contributed to this report.

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