Are Futures Open on Thanksgiving?
Understand how the Thanksgiving holiday affects futures market trading hours and discover schedule variations.
Navigating financial markets requires a clear understanding of trading schedules. U.S. federal holidays often bring changes to operating hours of futures markets, leading to modified trading sessions or complete closures. These adjustments occur because market participation decreases significantly, and many institutions are closed. Traders must be aware of these schedule variations to manage their positions effectively and avoid unexpected market movements during periods of reduced liquidity.
Thanksgiving Holiday Trading Schedule
Thanksgiving Day marks a significant disruption to standard futures market operations. In 2025, on Thursday, November 27, most U.S. futures markets will either be completely closed or operate on an abbreviated schedule. The CME Group, a major exchange, generally halts trading early on Thanksgiving Day, with staggered closure times beginning around 12:00 PM Central Time (CT) for many products. Certain agricultural products, including grains, dairy, lumber, and livestock, typically remain closed for the entire day.
Major exchanges like CME Group generally do not derive or disseminate official settlement prices on Thanksgiving Day, which can affect valuation and risk management. These changes are a direct result of the federal holiday, impacting market liquidity.
Post-Thanksgiving Trading Schedule
The day immediately following Thanksgiving, Black Friday, also features a modified trading schedule for futures markets. On Friday, November 28, 2025, many futures contracts will experience early closures, differing from their usual full-day sessions. For example, CME Group’s equity and interest rate futures typically close early, around 12:15 PM CT. Energy, metals, and foreign exchange (FX) futures on the CME Group usually conclude their trading sessions slightly later, around 1:45 PM CT.
Agricultural futures contracts also generally observe shortened trading hours on this day, with some specific “Trade at Settlement” (TAS) contracts closing as early as 12:00 PM CT. ICE Futures U.S. typically implements an early close for all its products, often around 1:00 PM Eastern Time (ET), though certain contracts like cotton futures might have a late opening. These abbreviated hours on the Friday after Thanksgiving reflect reduced trading volume as many participants extend their holiday observance.
Key Futures Markets and Schedule Variations
Holiday trading schedules can vary considerably across different categories of futures contracts, even within the same exchange. Equity index futures, such as those tracking the S&P 500, often follow the broader stock market holiday schedule closely, which typically includes full closure on Thanksgiving and an early close on the Friday after. Energy futures, encompassing contracts like crude oil and natural gas, also see abbreviated hours, though their specific timings might differ from equity products.
Metals futures, including gold and silver, and foreign exchange futures generally align with the early closing patterns observed on the Friday after Thanksgiving. Agricultural futures, covering commodities like corn, soybeans, and livestock, frequently have unique holiday schedules, sometimes closing entirely on Thanksgiving Day when other markets might have limited sessions. Due to these variations, market participants should always consult the official websites of specific exchanges, such as CME Group or ICE, for holiday trading calendars. These official sources provide precise timings and any last-minute adjustments.