Is the stock market open today? Here are the trading hours on Martin Luther King Jr. Day

Meanwhile, in U.S. commodities markets, there will be no regular trading or settlements, including for Nymex crude oil and Comex-traded gold.

The holiday comes two weeks into a year that’s started on a down note for stocks, thanks to the ongoing omicron wave of coronavirus cases, a hawkish Federal Reserve, surging inflation, and uncertainty about valuations ahead of the next corporate earnings reporting season.

See: JPMorgan, Goldman profit updates may shape bank stock rally

U.S. stocks are lower in the year to date:  the Dow Jones Industrial Average
DJIA,
-0.56%
 is down 1.2%, the S&P 500 
SPX,
+0.08%
has lost 2.2%, and the Nasdaq Composite
COMP,
+0.59%
is down 4.8% through the close on Friday. The 10-year note has surged about 15 points, meanwhile, as investors sell those bonds, anticipating higher interest rates ahead.

The omicron surge has prompted multiple changes to Monday’s celebration of the life of Dr. Martin Luther King Jr. Communities from Alabama to Massachusetts, after initially planning in-person events, have instead pivoted to online versions, in many cases for the second year in a row.

Related: Omicron is whacking local governments already stretched too thin

Even so, investors continue to reward exchange-traded funds geared toward the “re-opening trade” more than the “work-from-home” regime that dominated 2020. The U.S. Global Jets ETF
JETS,
-1.37%
was up 5.5% in the year to date through Friday, while the Direxion Work From Home ETF
WFH,
+0.53%
had lost 5.5% in the same period.

The Martin Luther King holiday is traditionally observed on the third Monday of January to mark King’s birthday, January 15, 1929.