Tomorrow presents a fascinating quirk in the financial calendar: the highly anticipated March non-farm payrolls report from the Bureau of Labor Statistics (BLS) is set for release at 8:30 am ET on Good Friday. This collision is notable because Good Friday is a major holiday for the stock market, which will be closed all day.
Good Friday has been a holiday for the New York Stock Exchange (NYSE) nearly every year since 1864. Its unique status stems from being the only stock market holiday that is not also a federal holiday. The date varies annually, tied to the lunar calendar used to calculate Easter, and this year it falls on April 3.
The BLS follows a strict schedule for the employment situation report, releasing it on the third Friday of the month following the week that contains the 12th. This rule typically lands on the first Friday of the month. Coincidentally, this scheduling rule places the March report on the same day as Good Friday in 2025.
This specific alignment is not unprecedented. The last occurrence was in 2023, with prior instances in 2021, 2015, 2012, 2010, 2007, and 1999, according to historical market calendars.
What’s Open and Closed on Good Friday, April 3
The Federal Government and BLS Are Open. Since Good Friday is not a federal holiday, all U.S. government agencies, including the Bureau of Labor Statistics, will operate on their regular schedule. The March employment report will be released at 8:30 am ET as planned. The current consensus among economists, as tracked by sources like Bloomberg, is for a gain of 60,000 jobs, following February’s surprising decline of 92,000 jobs.
Here is a detailed breakdown of market operations:
Stock Markets (Closed): The NYSE and Nasdaq cash equity markets will be closed for the entire day. This closure extends to most major global exchanges, including the London Stock Exchange, Toronto Stock Exchange, Hong Kong Exchange, Deutsche Börse (Frankfurt), and Australian Securities Exchange (Sydney).
Futures and Derivatives (Abbreviated Sessions): CME Group equity index futures (like S&P 500 and Nasdaq-100 contracts) will trade for a very short window, with an early close scheduled for approximately 9:15 am CT (10:15 am ET). These contracts will settle based on April 2 closing prices. CME interest rate, foreign exchange, and cryptocurrency futures will also observe abbreviated sessions with specific settlement procedures. Spot forex trading continues 24 hours as usual, and crypto spot markets are always open, though related futures follow the CME calendar.
U.S. Bond Market (Effectively Closed): Following the recommendation of SIFMA (Securities Industry and Financial Markets Association), the U.S. dollar-denominated fixed income market will observe a full closure for Good Friday. While the Federal Reserve Bank of New York and primary dealers will be technically open, the absence of FINRA/TRACE reporting means there will be no official trade prints or consolidated pricing for Treasury and agency securities during the report release. This creates a significant gap in liquidity and price discovery for bonds.
The practical implication is that any significant surprise in the payroll data will be digested first through the thinly traded futures and forex markets, with the major equity and bond markets offline. As always, broader geopolitical events, such as ongoing war news, will remain a dominant influence on asset prices.
Historical Context: When Payrolls Shocked a Closed Market
Financial commentator Beth Stanton provided an excellent historical thread on this dynamic. For decades, the bond industry’s recommended holiday schedule was a key factor. Until 1996, SIFMA’s predecessor (the Bond Market Association) recommended a complete closure of the bond market on Good Friday, even when it coincided with the payroll release.
This policy was severely tested in April 1994. The payroll report showed a surge of +456,000 jobs—nearly double the forecast of 238,000. With bond futures trading but the underlying cash bond market closed, the result was a sharp and disorderly selloff in Treasuries. Many dealers had staffed their desks anticipating the data, but the lack of a liquid cash market amplified volatility.
The experience prompted a partial adjustment. When the calendar collision occurred again in April 1996, the association recommended keeping the bond market open until noon Eastern Time. That morning, payrolls printed at +140,000, almost tripling the consensus estimate of 49,000. The abbreviated session still witnessed a severe Treasury selloff.
Today, we have reverted to a situation where the core U.S. bond market is fully closed during the release. The 1994 and 1996 episodes serve as stark reminders of the potential for heightened volatility when critical economic data hits with a primary liquidity provider offline. The key question for April 3, 2025, is whether the March report will contain another magnitude of surprise capable of moving markets through the
